Fifth Third Bancorp (NASDAQ:FITB) Given New $57.00 Price Target at Evercore ISI

Fifth Third Bancorp (NASDAQ:FITB) had its price objective hoisted by Evercore ISI from $52.00 to $57.00 in a report issued on Thursday, Marketbeat Ratings reports. Evercore ISI currently has an in-line rating on the financial services provider’s stock.

A number of other research firms have also recently commented on FITB. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Thursday, January 22nd. Jefferies Financial Group increased their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. UBS Group restated a “buy” rating and set a $59.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday. Finally, Wolfe Research boosted their price objective on Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $53.79 on Thursday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.36. The firm has a market capitalization of $35.56 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 1.09 and a beta of 0.99. The stock’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $45.11. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The company had revenue of $3.82 billion during the quarter. On average, analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $357,440,000. Invesco Ltd. lifted its position in Fifth Third Bancorp by 16.6% during the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Bank of America Corp DE grew its stake in Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its stake in Fifth Third Bancorp by 130.6% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock worth $157,541,000 after buying an additional 1,907,400 shares in the last quarter. Finally, Capital World Investors increased its holdings in Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after buying an additional 1,803,861 shares during the period. Institutional investors 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.