Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $57.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective raised by Evercore ISI from $52.00 to $57.00 in a research report sent to investors on Thursday morning,MarketScreener reports.

FITB has been the subject of several other reports. Truist Financial raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Robert W. Baird lifted their price objective on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, January 21st. Finally, DA Davidson raised their price target on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $56.58.

Fifth Third Bancorp Stock Up 2.4%

Shares of NASDAQ:FITB opened at $55.08 on Thursday. The company has a market capitalization of $36.41 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.12 and a beta of 0.99. The company has a 50 day moving average of $48.74 and a two-hundred day moving average of $45.22. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.36. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

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

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.20%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of institutional investors have recently modified their holdings of FITB. EverSource Wealth Advisors LLC lifted its holdings in Fifth Third Bancorp by 48.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,810 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 1,237 shares during the last quarter. Ignite Planners LLC lifted its holdings in shares of Fifth Third Bancorp by 5.3% in the 4th quarter. Ignite Planners LLC now owns 4,815 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 244 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Fifth Third Bancorp by 37.8% in the 4th quarter. Global Retirement Partners LLC now owns 12,064 shares of the financial services provider’s stock worth $565,000 after purchasing an additional 3,311 shares during the last quarter. Great Diamond Partners LLC acquired a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $204,000. Finally, Mach 1 Financial Group LLC bought a new position in Fifth Third Bancorp during the 4th quarter worth $218,000. 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.