Fifth Third Bancorp (NASDAQ:FITB) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a neutral rating to an overweight rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $39.50 price objective on the financial services provider’s stock, up from their prior price objective of $37.50.

A number of other research analysts have also commented on the company. Robert W. Baird reaffirmed a neutral rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an overweight rating in a report on Thursday, March 28th. UBS Group reaffirmed a neutral rating and issued a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Morgan Stanley reaffirmed an equal weight rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 22nd. Finally, Barclays upped their target price on Fifth Third Bancorp from $34.00 to $43.00 and gave the company an overweight rating in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $36.50.

Fifth Third Bancorp Stock Up 1.8 %

FITB stock opened at $37.56 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $25.58 billion, a PE ratio of 11.92, a PEG ratio of 1.40 and a beta of 1.24. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.77. The business’s 50 day simple moving average is $35.79 and its 200 day simple moving average is $32.56.

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

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.73%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the completion of the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total value of $93,750.00. Following the completion of the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at $5,134,575. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kala Gibson sold 14,857 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the sale, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. Insiders sold a total of 48,857 shares of company stock worth $1,787,638 in the last ninety days. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently modified their holdings of FITB. Capital World Investors boosted its holdings in shares of Fifth Third Bancorp by 34.2% in the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock worth $1,416,985,000 after acquiring an additional 10,472,392 shares during the period. Norges Bank purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $257,189,000. Boston Partners raised its position in shares of Fifth Third Bancorp by 32.1% in the third quarter. Boston Partners now owns 13,076,541 shares of the financial services provider’s stock worth $331,188,000 after buying an additional 3,176,903 shares in the last quarter. Smead Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $67,354,000. Finally, Invesco Ltd. raised its position in Fifth Third Bancorp by 8.4% during the third quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock valued at $492,117,000 after purchasing an additional 1,500,653 shares in the last quarter. 83.79% of the stock is owned by 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.