Fifth Third Bancorp (NASDAQ:FITB) Given New $58.00 Price Target at TD Cowen

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by TD Cowen from $57.00 to $58.00 in a research report sent to investors on Monday, Marketbeat reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other equities analysts also recently commented on the company. Robert W. Baird upped their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Evercore ISI upped their price objective 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. Piper Sandler dropped their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Janney Montgomery Scott upped their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.45.

Fifth Third Bancorp Stock Performance

FITB stock opened at $41.80 on Monday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The business has a 50 day moving average of $44.30 and a 200-day moving average of $40.91. The firm has a market cap of $27.67 billion, a PE ratio of 12.48, a P/E/G ratio of 1.11 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the business earned $0.78 earnings per share. Fifth Third Bancorp’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently made changes to their positions in the stock. Allianz Asset Management GmbH raised its position in shares of Fifth Third Bancorp by 5.8% in the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock worth $11,450,000 after buying an additional 16,000 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after buying an additional 12,905 shares in the last quarter. U.S. Capital Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 49.5% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 15,692 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of Fifth Third Bancorp by 1,448.6% in the first quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 91,754 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Fifth Third Bancorp by 12.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 617,867 shares of the financial services provider’s stock worth $23,979,000 after buying an additional 68,578 shares in the last quarter. Hedge funds and other 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.