Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $55.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lifted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on FITB. Royal Bank Of Canada lifted their price target on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday. Weiss Ratings restated a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Stephens upped their target price on Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Truist Financial increased their price target on Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Finally, DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $55.66.

Fifth Third Bancorp Trading Down 0.2%

NASDAQ:FITB opened at $50.78 on Wednesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $53.33. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The business has a 50 day moving average price of $46.83 and a two-hundred day moving average price of $44.60. The company has a market cap of $33.57 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97.

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. The company had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Insider Activity 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 transaction of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP grew its stake in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Fifth Third Bancorp by 6.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 163,003 shares of the financial services provider’s stock valued at $7,074,000 after buying an additional 10,042 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Fifth Third Bancorp by 158.4% in the 2nd quarter. Farther Finance Advisors LLC now owns 18,996 shares of the financial services provider’s stock valued at $781,000 after acquiring an additional 11,646 shares during the period. Finally, Park Avenue Securities LLC lifted its position in Fifth Third Bancorp by 3.3% during the second quarter. Park Avenue Securities LLC now owns 71,876 shares of the financial services provider’s stock worth $2,956,000 after acquiring an additional 2,298 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

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.