Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $57.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lifted by Evercore from $52.00 to $57.00 in a research report sent to investors on Thursday, Marketbeat reports. They currently have an in-line rating on the financial services provider’s stock.

Several other brokerages have also issued reports on FITB. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. TD Cowen reiterated a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Royal Bank Of Canada boosted their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Argus raised their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.58.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $55.08 on Thursday. The firm has a market cap of $36.41 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.12 and a beta of 0.99. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $55.36. The stock’s fifty day moving average price is $48.74 and its 200-day moving average price is $45.22.

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. The company had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. On average, equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed 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 was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is 45.20%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction that occurred 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 directly owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in FITB. Empowered Funds LLC raised its stake in Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 916 shares during the last quarter. Woodline Partners LP raised its stake in shares of Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth about $119,000. Belpointe Asset Management LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth about $205,000. Finally, KLP Kapitalforvaltning AS boosted its position in Fifth Third Bancorp by 4.1% in the second quarter. KLP Kapitalforvaltning AS now owns 238,737 shares of the financial services provider’s stock valued at $9,894,000 after buying an additional 9,400 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.