Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $39.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by DA Davidson from $37.00 to $39.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Fifth Third Bancorp’s Q2 2024 earnings at $0.82 EPS, FY2024 earnings at $3.30 EPS and FY2025 earnings at $3.60 EPS.

A number of other equities research analysts have also recently commented on FITB. Keefe, Bruyette & Woods restated a market perform rating and issued a $40.00 price target (up from $39.00) on shares of Fifth Third Bancorp in a report on Monday. Barclays lifted their price objective on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. Stephens reaffirmed an equal weight rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Royal Bank of Canada upped their price objective on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an outperform rating in a research report on Monday, January 22nd. Finally, UBS Group reiterated a neutral rating and issued a $39.00 target price (down from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $36.31.

Fifth Third Bancorp Price Performance

FITB stock opened at $37.23 on Monday. The company has a fifty day moving average price of $35.42 and a 200-day moving average price of $32.10. The company has a market capitalization of $25.36 billion, a P/E ratio of 11.82, a PEG ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 52-week low of $22.46 and a 52-week high of $37.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm earned $0.78 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 3.2 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 44.44%.

Insider Buying and Selling

In related news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the sale, the executive vice president now owns 46,646 shares of the company’s stock, valued at approximately $1,696,981.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kala Gibson sold 14,857 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the transaction, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,357 shares of company stock valued at $1,693,888. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. boosted its position in Fifth Third Bancorp by 1.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 83,475 shares of the financial services provider’s stock valued at $3,106,000 after buying an additional 1,299 shares during the period. Family Legacy Inc. boosted its position in Fifth Third Bancorp by 24.8% during the 1st quarter. Family Legacy Inc. now owns 8,226 shares of the financial services provider’s stock valued at $306,000 after buying an additional 1,634 shares during the period. V Square Quantitative Management LLC lifted its position in shares of Fifth Third Bancorp by 39.0% in the 1st quarter. V Square Quantitative Management LLC now owns 9,987 shares of the financial services provider’s stock worth $372,000 after purchasing an additional 2,801 shares during the period. Premier Path Wealth Partners LLC lifted its position in shares of Fifth Third Bancorp by 5.3% in the 1st quarter. Premier Path Wealth Partners LLC now owns 7,344 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 370 shares during the period. Finally, Simplicity Wealth LLC purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $467,000. Institutional investors own 83.79% of the company’s stock.

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.