DA Davidson Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $39.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective hoisted by DA Davidson from $37.00 to $39.00 in a report issued on Monday morning, Benzinga reports. They currently have 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.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods reissued a market perform rating and set a $40.00 price objective (up from $39.00) on shares of Fifth Third Bancorp in a research report on Monday. Morgan Stanley raised their price objective on Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Royal Bank of Canada lifted their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an outperform rating in a research report on Monday, January 22nd. Stephens reaffirmed an equal weight rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Finally, Evercore ISI lifted their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an in-line rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of Hold and an average price target of $36.31.

Fifth Third Bancorp Stock Up 0.5 %

NASDAQ FITB opened at $37.23 on Monday. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.41. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The business’s fifty day simple moving average is $35.42 and its 200-day simple moving average is $32.10. The firm has a market cap of $25.36 billion, a PE ratio of 11.82, a P/E/G ratio of 1.38 and a beta of 1.27.

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

Fifth Third Bancorp Dividend Announcement

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

Insider Activity

In other news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value 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. Over 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.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $29,000. GoalVest Advisory LLC raised its holdings in shares of Fifth Third Bancorp by 145.5% in the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 560 shares during the last quarter. Denali Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth $36,000. Financial Management Professionals Inc. raised its holdings in shares of Fifth Third Bancorp by 1,000.0% in the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Fifth Third Bancorp by 322.0% in the third quarter. Geneos Wealth Management Inc. now owns 1,730 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 1,320 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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.