Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $48.00 at Piper Sandler

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lowered by Piper Sandler from $50.00 to $48.00 in a research report report published on Tuesday,MarketScreener reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

FITB has been the subject of a number of other research reports. Evercore ISI increased their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. TD Cowen increased their target price on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $50.06.

Fifth Third Bancorp Trading Down 0.3%

Shares of Fifth Third Bancorp stock opened at $43.68 on Tuesday. The stock has a market capitalization of $28.91 billion, a P/E ratio of 13.57, a price-to-earnings-growth ratio of 1.40 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 company has a 50-day simple moving average of $44.15 and a 200 day simple moving average of $40.67. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given 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 positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Institutional Inflows and Outflows

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