Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $53.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by Keefe, Bruyette & Woods from $50.00 to $53.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on FITB. The Goldman Sachs Group increased their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Stephens increased their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. DA Davidson upped their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Fifth Third Bancorp Stock Up 0.4%

FITB stock opened at $47.83 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The company has a 50-day moving average of $43.52 and a two-hundred day moving average of $43.10. The stock has a market capitalization of $31.62 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 0.97 and a beta of 0.99. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $48.71.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. The company had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Evan Bayh acquired 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently made changes to their positions in FITB. Westside Investment Management Inc. boosted its position in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after buying an additional 292 shares in the last quarter. Evolution Wealth Management Inc. bought a new position in shares of Fifth Third Bancorp in the second quarter valued at approximately $26,000. United Community Bank boosted its holdings in shares of Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares in the last quarter. Activest Wealth Management grew its position in Fifth Third Bancorp by 1,043.3% during the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the 1st quarter valued at $27,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.