Fifth Third Bancorp (FITB) To Go Ex-Dividend on March 31st

Fifth Third Bancorp (NASDAQ:FITB) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Investors of record on Monday, March 31st will be given a dividend of 0.37 per share by the financial services provider on Tuesday, April 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Monday, March 31st.

Fifth Third Bancorp has raised its dividend payment by an average of 8.1% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Fifth Third Bancorp has a payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fifth Third Bancorp to earn $4.11 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 36.0%.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $39.48 on Friday. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The stock has a market capitalization of $26.38 billion, a P/E ratio of 12.57, a P/E/G ratio of 1.42 and a beta of 1.21. The firm’s 50-day moving average is $42.53 and its two-hundred day moving average is $43.56. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Stephens restated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Citigroup raised their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and an average price target of $47.36.

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.