Several other research analysts have also weighed in on FITB. Zacks Investment Research upgraded Fifth Third Bancorp from a hold rating to a buy rating and set a $30.00 target price on the stock in a report on Tuesday, March 12th. Wedbush reissued an outperform rating on shares of Fifth Third Bancorp in a research note on Thursday, March 14th. Sandler O’Neill raised Fifth Third Bancorp from a hold rating to a buy rating in a research note on Friday, March 22nd. ValuEngine downgraded Fifth Third Bancorp from a sell rating to a strong sell rating in a research note on Monday, March 25th. Finally, Jefferies Financial Group raised Fifth Third Bancorp from a hold rating to a buy rating in a research note on Monday, April 1st. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Fifth Third Bancorp currently has an average rating of Hold and an average price target of $31.29.
FITB stock opened at $27.09 on Friday. The business’s 50-day simple moving average is $27.27. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $20.09 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.36 and a beta of 1.35. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $30.31.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.24 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.54%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s payout ratio is currently 34.65%.
Fifth Third Bancorp announced that its board has initiated a share repurchase plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In related news, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $26.51, for a total value of $99,120.89. Following the sale, the director now owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 55,600 shares of Fifth Third Bancorp stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $27.47, for a total value of $1,527,332.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,466 shares of company stock worth $1,716,402. 0.40% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in FITB. Deprince Race & Zollo Inc. grew its stake in shares of Fifth Third Bancorp by 4.8% during the 4th quarter. Deprince Race & Zollo Inc. now owns 692,521 shares of the financial services provider’s stock worth $16,295,000 after purchasing an additional 31,860 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Fifth Third Bancorp by 109.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 292,114 shares of the financial services provider’s stock worth $6,873,000 after purchasing an additional 152,704 shares during the period. Mackenzie Financial Corp grew its stake in shares of Fifth Third Bancorp by 5.8% during the 4th quarter. Mackenzie Financial Corp now owns 17,028 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 932 shares during the period. Lindbrook Capital LLC acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $75,000. Finally, Acadian Asset Management LLC grew its stake in shares of Fifth Third Bancorp by 3,341.8% during the 4th quarter. Acadian Asset Management LLC now owns 77,476 shares of the financial services provider’s stock worth $1,823,000 after purchasing an additional 75,225 shares during the period. 81.82% of the stock is currently owned by institutional investors and hedge funds.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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