Fifth Third Bancorp (NASDAQ:FITB) PT Lowered to $41.00 at Evercore ISI

Fifth Third Bancorp (NASDAQ:FITB) had its target price cut by Evercore ISI from $42.00 to $41.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an in-line rating on the financial services provider’s stock.

FITB has been the topic of a number of other reports. Stephens reiterated an equal weight rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Robert W. Baird reiterated a neutral rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 1st. JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a neutral rating to an overweight rating and upped their price target for the company from $37.50 to $39.50 in a research note on Wednesday, May 1st. DA Davidson upped their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the company a neutral rating in a research note on Monday, April 22nd. Finally, Wolfe Research upgraded shares of Fifth Third Bancorp from a peer perform rating to an outperform rating and set a $43.00 target price on the stock in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $37.26.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $35.85 on Tuesday. The firm has a market cap of $24.52 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24. The firm’s fifty day moving average is $36.88 and its 200-day moving average is $35.50. 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 has a 52 week low of $22.49 and a 52 week high of $39.14.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same quarter in the previous year, the business earned $0.78 earnings per share. Sell-side analysts predict that Fifth Third Bancorp will post 3.27 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 3.91%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 44.44%.

Insider Activity

In other news, 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 value of $540,497.66. Following the sale, the executive vice president now owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total value of $93,750.00. Following the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Dark Forest Capital Management LP acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at approximately $247,000. LPL Financial LLC increased its holdings in Fifth Third Bancorp by 10.1% in the 3rd quarter. LPL Financial LLC now owns 415,108 shares of the financial services provider’s stock worth $10,515,000 after acquiring an additional 38,118 shares in the last quarter. Stifel Financial Corp boosted its stake in Fifth Third Bancorp by 1.3% during the 3rd quarter. Stifel Financial Corp now owns 555,027 shares of the financial services provider’s stock worth $14,059,000 after purchasing an additional 6,860 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake in Fifth Third Bancorp by 119.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 4,375 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 2,384 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in Fifth Third Bancorp by 6.7% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 19,123 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 1,200 shares during the last quarter. 83.79% of the stock is currently 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.