Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $58.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target lifted by TD Cowen from $57.00 to $58.00 in a report published on Monday, Marketbeat reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the company. Citigroup increased their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. DA Davidson increased their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 7th. Piper Sandler cut their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Finally, Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Stock Performance

FITB stock opened at $41.69 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The business’s fifty day simple moving average is $44.27 and its two-hundred day simple moving average is $40.92. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The firm has a market cap of $27.59 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.14 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The business’s revenue was up 7.9% compared to the same quarter last year. Analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were 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 approximately $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. GAMMA Investing LLC grew its stake in Fifth Third Bancorp by 11.5% in the first quarter. GAMMA Investing LLC now owns 30,698 shares of the financial services provider’s stock valued at $1,203,000 after purchasing an additional 3,170 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Fifth Third Bancorp by 271.9% during the first quarter. Exchange Traded Concepts LLC now owns 6,921 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 5,060 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 3.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 88,770 shares of the financial services provider’s stock worth $3,480,000 after acquiring an additional 2,925 shares during the last quarter. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth about $27,000. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Fifth Third Bancorp by 2.2% during the first quarter. Oppenheimer & Co. Inc. now owns 75,261 shares of the financial services provider’s stock worth $2,950,000 after acquiring an additional 1,629 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.