Fifth Third Bancorp (NASDAQ:FITB) Given New $58.00 Price Target at DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by DA Davidson from $52.00 to $58.00 in a report released on Monday, Marketbeat.com reports. They currently have a buy rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. Argus upped their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Thursday. Citigroup increased their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday. Janney Montgomery Scott raised their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 21st. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $56.21.

Fifth Third Bancorp Trading Down 0.5%

Shares of FITB stock opened at $50.49 on Monday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $53.33. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50 day simple moving average of $47.02 and a two-hundred day simple moving average of $44.66. The company has a market cap of $33.38 billion, a P/E ratio of 14.26, a PEG ratio of 1.02 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The company had revenue of $3.82 billion during the quarter. Research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Insider Activity

In related news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was 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 approximately $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently made changes to their positions in the business. Evolution Wealth Management Inc. purchased a new stake in Fifth Third Bancorp during the second quarter worth about $26,000. Westside Investment Management Inc. grew its position 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 valued at $26,000 after acquiring an additional 292 shares during the period. Activest Wealth Management increased its stake in shares of 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 purchasing an additional 626 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares during the period. Finally, United Community Bank lifted its stake in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

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.