Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $58.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by Wells Fargo & Company from $52.00 to $58.00 in a research note issued to investors on Monday,MarketScreener reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently commented on FITB. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Truist Financial raised their price objective on Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Barclays raised their price target on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday. Finally, Cowen reiterated a “buy” rating on shares of Fifth Third Bancorp in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.95.

Fifth Third Bancorp Stock Up 1.9%

FITB stock opened at $48.62 on Monday. The company has a market cap of $32.14 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of 0.86 and a beta of 0.97. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.11. The business has a 50 day moving average price of $44.80 and a two-hundred day moving average price of $43.86. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $3.82 billion for the quarter. Analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the purchase, the director directly owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This represents a 1.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in FITB. Westside Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares in the last quarter. Evolution Wealth Management Inc. bought a new stake in Fifth Third Bancorp during the second quarter worth about $26,000. United Community Bank grew its stake in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 shares in the last quarter. Activest Wealth Management increased its holdings 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 period. Finally, GoalVest Advisory LLC raised its position in shares of Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after buying an additional 532 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.