Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $58.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by DA Davidson from $52.00 to $58.00 in a research note published on Monday, Marketbeat Ratings reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Truist Financial increased their target price on Fifth Third Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Thursday, January 22nd. Finally, Argus boosted their target price on Fifth Third Bancorp from $49.00 to $58.00 in a research note on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $56.21.

Fifth Third Bancorp Stock Down 2.3%

Shares of Fifth Third Bancorp stock opened at $49.69 on Monday. The company has a market capitalization of $32.85 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.03 and a beta of 0.97. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50-day moving average of $47.37 and a two-hundred day moving average of $44.75. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $53.33.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion for the quarter. As a group, equities analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade 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 through this link. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Austin Private Wealth LLC grew its holdings in Fifth Third Bancorp by 2.7% during the fourth quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 228 shares during the period. Wealthquest Corp boosted its stake in shares of Fifth Third Bancorp by 2.3% during the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock worth $493,000 after acquiring an additional 244 shares during the period. Tiemann Investment Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 3.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 250 shares during the last quarter. Capital Investment Advisory Services LLC raised its stake in Fifth Third Bancorp by 1.1% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider’s stock valued at $1,011,000 after acquiring an additional 251 shares during the period. Finally, CENTRAL TRUST Co raised its stake in Fifth Third Bancorp by 4.1% in the 2nd quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 260 shares during the period. 83.79% of the stock is owned by institutional investors.

About Fifth Third Bancorp

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.