Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $50.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by Robert W. Baird from $48.00 to $50.00 in a research note released on Thursday morning,MarketScreener reports. Robert W. Baird currently has an outperform rating on the financial services provider’s stock.

A number of other research firms have also recently issued reports on FITB. Citigroup raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Truist Financial boosted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Finally, Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.47.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $44.41 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $44.10 and its two-hundred day moving average price is $40.61. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock has a market capitalization of $29.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. Fifth Third Bancorp’s dividend payout ratio is currently 49.69%.

Institutional Trading of Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $26,000. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $27,000. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $27,000. Activest Wealth Management increased its stake in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 357 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 operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.