Fifth Third Bancorp (NASDAQ:FITB) reaching 52-week high, short interest decreasing

Fifth Third Bancorp (NASDAQ:FITB) (Trend Analysis) shares were traded with a significant increase in volume. The stock closed last trading session at $23.74, up by 3.44%, with a volume of 13,567,682 shares against an average amount for the last three months of 7,138,280.

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Fifth Third Bancorp (NASDAQ:FITB) stock is currently trading 0.79% below its 52-week-high, 71.53% above its 52-week-low. The 1-year stock price history is in the range of $13.84 – $23.93. Fifth Third Bancorp (FITB) has a price to earnings ratio of 10.53 versus Financial sector average of 15.9. FITB stock price has outperformed the Nasdaq by 14.7%. The Financial Services company is currently valued at $17.94 billion, and its share price closed the last trading session at $23.74. The stock has a 50-day moving average of $20.92 and a 200-day moving average of $19.25.

Fifth Third Bancorp (FITB) current short interest stands at 21.22 million shares. It has decreased by 6% from the same period of last month. Around 3% of the company’s shares, which are float, are short sold. With a 10-days average volume of 7.6 million shares, the number of days required to cover the short positions stand at 2.8 days.

FITB is forecasted to report earnings per share of $0.43 and a revenue of $1.53 billion for the 4th Quarter of the fiscal year 2016. Fifth Third Bancorp (FITB) declared last quarter earnings on October 20. The Financial Services company announced last quarter earnings per share of $0.65 against a consensus Street estimate of $0.41, beating the average estimate by $0.24. The company posted a revenue of $1.9 billion compared to an estimation of $1.65 billion.

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There are currently thirty-two analysts that cover Fifth Third Bancorp stock. Of those thirty-two, seven have a Buy rating, twenty-three have a Hold rating and two have a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $21.84.

A recent analyst activity consisted of Nomura Securities downgrading their Neutral rating to Reduce on October 10. On the date of report, the stock closed at $20.68.

Jefferies downgraded their Buy rating to Hold on October 7, and increased their price target on FITB stock from $19.5 to $22. This corresponds to a 7.33% downside from the last closing price. On the date of report, the stock closed at $20.69.

Another research firm was Wedbush who initiated their coverage on the stock with Neutral rating on October 7. Wedbush fixed their price target at $22. This translates to a 7.33% downside from the last closing price. On the date of report, the stock closed at $20.69.

Company snapshot

Fifth Third Bancorp is a diversified financial services company that operates banking centers in the Midwestern and Southeastern regions of the United States. The Company’s principal businesses include retail banking, commercial banking, investment advisory, and data processing.

Fifth Third Bancorp (NASDAQ:FITB) reaching 52-week high, short interest decreasing was last modified: November 11th, 2016 by Pat Mayfield