Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $67.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by Morgan Stanley from $60.00 to $67.00 in a research report report published on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on the company. UBS Group reiterated a “buy” rating and set a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Piper Sandler lifted their price target on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Finally, Stephens upped their price objective on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.91.

Fifth Third Bancorp Stock Down 0.1%

Shares of NASDAQ:FITB opened at $49.54 on Monday. The business’s 50 day moving average is $50.68 and its 200 day moving average is $46.48. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.44. The stock has a market cap of $32.75 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.01 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. On average, sell-side analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Capital World Investors lifted its holdings in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after purchasing an additional 1,719,361 shares in the last quarter. State Street Corp boosted its position in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after buying an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after buying an additional 530,489 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.