Fifth Third Bancorp (NASDAQ:FITB) Given New $57.00 Price Target at TD Cowen

Fifth Third Bancorp (NASDAQ:FITBFree Report) had its price target lifted by TD Cowen from $53.00 to $57.00 in a report published on Tuesday morning,MarketScreener reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

Several other equities research analysts have also recently commented on FITB. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. The Goldman Sachs Group boosted their price objective on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday, October 2nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.06.

Get Our Latest Stock Report on FITB

Fifth Third Bancorp Trading Down 0.3%

Shares of NASDAQ FITB opened at $43.68 on Tuesday. The stock has a market cap of $28.91 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 1.40 and a beta of 0.95. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company’s fifty day moving average is $44.15 and its 200-day moving average is $40.67. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp declared that its board has authorized a stock repurchase 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 purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.69%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at about $26,000. HWG Holdings LP acquired a new position in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp in the 1st quarter valued at about $27,000. Activest Wealth Management grew its stake 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 buying an additional 626 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake 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 buying an additional 357 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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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.

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