Fifth Third Bancorp (NASDAQ:FITB) Given New $52.00 Price Target at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its target price boosted by Wells Fargo & Company from $48.00 to $52.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently issued reports on FITB. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 price objective on the stock. Truist Financial reduced their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Barclays reduced their price objective on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods reduced their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Finally, Cowen began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.53.

Fifth Third Bancorp Stock Up 0.5%

Shares of NASDAQ:FITB opened at $39.78 on Tuesday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The stock has a fifty day simple moving average of $36.74 and a two-hundred day simple moving average of $40.83. The stock has a market capitalization of $26.55 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.42 and a beta of 0.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same period in the prior year, the firm posted $0.70 EPS. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp’s payout ratio is 46.98%.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Boston Partners boosted its stake in shares of Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after buying an additional 823,803 shares during the period. Deutsche Bank AG lifted its stake in Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider’s stock worth $86,535,000 after purchasing an additional 438,446 shares during the last quarter. AMJ Financial Wealth Management boosted its holdings in Fifth Third Bancorp by 4.2% in the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after purchasing an additional 9,401 shares in the last quarter. Banco Santander S.A. acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $357,000. Finally, Fred Alger Management LLC boosted its holdings in Fifth Third Bancorp by 29.5% in the fourth quarter. Fred Alger Management LLC now owns 65,867 shares of the financial services provider’s stock valued at $2,809,000 after purchasing an additional 15,023 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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.