JPMorgan Chase & Co. Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price objective hoisted by JPMorgan Chase & Co. from $54.50 to $61.00 in a research report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently commented on the company. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Jefferies Financial Group increased their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.11.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $0.28 during trading on Monday, hitting $58.16. 308,316 shares of the company’s stock traded hands, compared to its average volume of 9,565,611. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.44. The business has a 50 day moving average of $51.55 and a 200-day moving average of $49.96. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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 business 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 company posted $0.71 EPS. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. CoreCap Advisors LLC raised its position in Fifth Third Bancorp by 6.9% during the second quarter. CoreCap Advisors LLC now owns 24,621 shares of the financial services provider’s stock valued at $1,388,000 after acquiring an additional 1,583 shares in the last quarter. CX Institutional lifted 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 valued at $1,099,000 after purchasing an additional 2,286 shares in the last quarter. Basecamp Wealth Advisors LLC grew 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 in the last quarter. Western Wealth Management LLC grew its holdings in shares of Fifth Third Bancorp by 15.5% in the first quarter. Western Wealth Management LLC now owns 7,565 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 1,016 shares during the period. Finally, LFG Wealth Partners LLC lifted its holdings in 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 valued at $1,191,000 after acquiring an additional 1,088 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other 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.