Fifth Third Bancorp (NASDAQ:FITB) Given New $50.00 Price Target at Robert W. Baird

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by Robert W. Baird from $48.00 to $50.00 in a report published on Thursday morning,MarketScreener reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other analysts also recently weighed in on FITB. Piper Sandler raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a research note on Monday. Truist Financial raised their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Citigroup increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.38.

Fifth Third Bancorp Trading Down 0.3%

FITB stock opened at $44.22 on Thursday. The company has a market cap of $29.27 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.42 and a beta of 0.95. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The business has a fifty day simple moving average of $44.07 and a 200-day simple moving average of $40.56. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.40 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 49.69%.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently made changes to their positions in the business. Tiemann Investment Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 3.9% during the second quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock valued at $276,000 after buying an additional 250 shares during the last quarter. CENTRAL TRUST Co raised its holdings in shares of Fifth Third Bancorp by 4.1% during the second quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock valued at $272,000 after buying an additional 260 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Fifth Third Bancorp by 11.9% during the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock valued at $102,000 after buying an additional 263 shares during the last quarter. Moody National Bank Trust Division raised its holdings in shares of Fifth Third Bancorp by 1.5% during the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after buying an additional 271 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its holdings in shares of Fifth Third Bancorp by 6.9% during the second quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock valued at $176,000 after buying an additional 276 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

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.