Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $60.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by Keefe, Bruyette & Woods from $58.00 to $60.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

A number of other equities analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. DA Davidson reissued a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price objective on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $60.20.

Fifth Third Bancorp Stock Up 0.2%

Shares of NASDAQ FITB opened at $57.77 on Monday. The stock has a market cap of $52.36 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The business has a 50-day moving average price of $53.58 and a 200 day moving average price of $50.85.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 54.61%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently modified their holdings of the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth $25,000. SouthState Bank Corp increased its position in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Harbor Investment Advisory LLC raised its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $29,000. Finally, Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $30,000. Hedge funds and other 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.