Fifth Third Bancorp (NASDAQ:FITB) Given a $60.00 Price Target by Morgan Stanley Analysts

Morgan Stanley set a $60.00 price target on Fifth Third Bancorp (NASDAQ:FITB) in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts have also commented on the company. Evercore ISI upped their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Saturday, September 27th. The Goldman Sachs Group upped their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Truist Financial upped their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.06.

Fifth Third Bancorp Stock Down 0.3%

Shares of NASDAQ:FITB opened at $43.68 on Tuesday. 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 moving average of $44.15 and a two-hundred day moving average of $40.67. The stock has a market cap of $28.91 billion, a P/E ratio of 13.57, a PEG ratio of 1.40 and a beta of 0.95. 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 has initiated a stock buyback program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 49.69%.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds have recently bought and sold shares of the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $26,000. HWG Holdings LP acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Activest Wealth Management raised its position in Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 626 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 357 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.