Fifth Third Bancorp (NASDAQ:FITB) Sets New 52-Week High After Analyst Upgrade

Shares of Fifth Third Bancorp (NASDAQ:FITB) reached a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $52.00 to $58.00. Wells Fargo & Company currently has an overweight rating on the stock. Fifth Third Bancorp traded as high as $48.87 and last traded at $49.01, with a volume of 1216582 shares traded. The stock had previously closed at $47.71.

FITB has been the subject of a number of other reports. Janney Montgomery Scott lifted their price target on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Wolfe Research boosted their price target on Fifth Third Bancorp from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Stephens raised their price objective on Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Finally, Truist Financial boosted their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $52.95.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares of the company’s stock, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several large investors have recently made changes to their positions in the company. Amundi increased its position in Fifth Third Bancorp by 6.2% in the 1st quarter. Amundi now owns 1,482,714 shares of the financial services provider’s stock valued at $58,122,000 after acquiring an additional 86,936 shares during the period. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp during the 1st quarter worth $27,000. Curi RMB Capital LLC bought a new position in shares of Fifth Third Bancorp in the first quarter worth $472,000. Integrated Wealth Concepts LLC increased its holdings in shares of Fifth Third Bancorp by 32.4% during the first quarter. Integrated Wealth Concepts LLC now owns 27,760 shares of the financial services provider’s stock valued at $1,088,000 after purchasing an additional 6,799 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Fifth Third Bancorp by 4.1% during the first quarter. NewEdge Advisors LLC now owns 43,479 shares of the financial services provider’s stock valued at $1,704,000 after purchasing an additional 1,723 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 2.8%

The firm’s fifty day moving average is $44.67 and its two-hundred day moving average is $43.79. The firm has a market cap of $32.43 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 0.86 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The business had revenue of $3.82 billion during the quarter. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.76%.

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.