Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $56.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target lifted by Barclays from $51.00 to $56.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

FITB has been the subject of a number of other reports. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Evercore ISI boosted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.92.

Fifth Third Bancorp Stock Down 1.0 %

NASDAQ FITB opened at $42.42 on Monday. The firm has a 50-day simple moving average of $45.26 and a 200 day simple moving average of $42.54. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $28.44 billion, a PE ratio of 14.09, a PEG ratio of 2.18 and a beta of 1.22. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the firm posted $0.92 earnings per share. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. On average, research analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Fifth Third Bancorp

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after purchasing an additional 399,827 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after purchasing an additional 409,292 shares during the last quarter. Finally, Smead Capital Management Inc. grew its position in Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after purchasing an additional 75,024 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

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.