Fifth Third Bancorp (NASDAQ:FITB) Given New $67.00 Price Target at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by Wells Fargo & Company from $58.00 to $67.00 in a research note released on Monday morning, MarketBeat reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Robert W. Baird increased their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Truist Financial lifted their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Evercore lifted their target price on Fifth Third Bancorp from $53.00 to $58.00 in a research note on Wednesday, June 24th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $58.81.

Fifth Third Bancorp Stock Performance

FITB stock opened at $58.22 on Monday. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $58.44. The business has a 50-day moving average price of $51.55 and a 200 day moving average price of $49.96. The company has a market capitalization of $52.77 billion, a P/E ratio of 19.54, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the prior year, the business earned $0.71 EPS. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 53.69%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on 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 owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Fifth Third Bancorp

Several large investors have recently added to or reduced their stakes in FITB. CX Institutional increased its holdings in Fifth Third Bancorp by 13.3% in the 2nd quarter. CX Institutional now owns 19,489 shares of the financial services provider’s stock worth $1,099,000 after buying an additional 2,286 shares during the period. Basecamp Wealth Advisors LLC lifted its stake in Fifth Third Bancorp by 5.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock valued at $180,000 after acquiring an additional 201 shares during the period. Western Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 15.5% in the 1st quarter. Western Wealth Management LLC now owns 7,565 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 1,016 shares during the last quarter. LFG Wealth Partners LLC increased its stake in shares of Fifth Third Bancorp by 4.4% in the first quarter. LFG Wealth Partners LLC now owns 25,629 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 1,088 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of Fifth Third Bancorp by 47.4% in the first quarter. Parallel Advisors LLC now owns 10,000 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 3,214 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.