Fifth Third Bancorp (NASDAQ:FITB) Given New $52.00 Price Target at Truist Financial

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by Truist Financial from $51.00 to $52.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other equities research analysts have also commented on the company. Barclays upped their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Piper Sandler lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Citigroup upped their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Morgan Stanley raised their price objective 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $46.14.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $43.93 on Wednesday. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a market cap of $29.46 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24. The business has a 50-day simple moving average of $44.91 and a 200-day simple moving average of $43.02.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.37%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Orca Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $1,480,000. Perigon Wealth Management LLC acquired a new position in Fifth Third Bancorp in the fourth quarter valued at about $2,269,000. Pacer Advisors Inc. boosted its stake in Fifth Third Bancorp by 43.0% during the fourth quarter. Pacer Advisors Inc. now owns 72,835 shares of the financial services provider’s stock worth $3,079,000 after buying an additional 21,895 shares during the period. Blue Trust Inc. increased its position in shares of Fifth Third Bancorp by 33.9% during the fourth quarter. Blue Trust Inc. now owns 9,035 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 2,286 shares during the last quarter. Finally, Stablepoint Partners LLC raised its stake in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. Stablepoint Partners LLC now owns 108,960 shares of the financial services provider’s stock valued at $4,607,000 after acquiring an additional 299 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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.