Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $60.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by JPMorgan Chase & Co. from $58.00 to $60.00 in a report published on Friday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other brokerages have also commented on FITB. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Truist Financial decreased their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. UBS Group reduced their price objective on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 21st. Finally, DA Davidson raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $60.87.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $53.88 on Friday. The company has a market capitalization of $48.86 billion, a P/E ratio of 18.08, a P/E/G ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a fifty day moving average of $52.75 and a 200-day moving average of $52.02. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the previous year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 42.4% on a year-over-year basis. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.

Insider Activity

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the sale, the executive vice president owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. increased its stake in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after acquiring an additional 20,862 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Fifth Third Bancorp during the second quarter worth $995,717,000. Keybank National Association OH raised its position in Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after buying an additional 21,365 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Fifth Third Bancorp in the second quarter worth $4,222,000. Finally, Saudi Central Bank grew its stake in shares of Fifth Third Bancorp by 91.0% during the second quarter. Saudi Central Bank now owns 63,390 shares of the financial services provider’s stock valued at $3,573,000 after acquiring an additional 30,201 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.