Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $65.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by DA Davidson from $63.00 to $65.00 in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the financial services provider’s stock.

A number of other brokerages have also commented on FITB. UBS Group raised their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Finally, Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $60.20.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $57.77 on Monday. The stock has a market cap of $52.36 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The business has a fifty day simple moving average of $53.58 and a 200-day simple moving average of $50.85. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 EPS. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 54.61%.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its holdings in shares of Fifth Third Bancorp by 7.1% during the 1st 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 in the last quarter. Woodline Partners LP boosted its holdings in Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. increased its position in Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Fifth Third Bancorp during the second quarter valued at about $968,000. Institutional investors own 83.79% of the company’s stock.

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.