Fifth Third Bancorp (NASDAQ:FITB) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note published on Tuesday morning. The firm issued a buy rating and a $55.00 price objective on the financial services provider’s stock.

Several other analysts also recently weighed in on the company. Citigroup lifted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Wall Street Zen downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Truist Financial cut their target price on Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Weiss Ratings raised Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Finally, Wolfe Research cut their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.16.

Fifth Third Bancorp Stock Up 0.5%

Shares of Fifth Third Bancorp stock opened at $47.79 on Tuesday. The business’s fifty day moving average price is $49.04 and its two-hundred day moving average price is $46.59. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $43.28 billion, a P/E ratio of 13.50, a PEG ratio of 0.93 and a beta of 0.95. Fifth Third Bancorp has a 1-year low of $32.27 and a 1-year high of $55.44.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid 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 Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of FITB. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $649,264,000. Price T Rowe Associates Inc. MD raised its stake in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after buying an additional 2,644,332 shares in the last quarter. Invesco Ltd. raised its stake in shares of Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after buying an additional 2,574,712 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 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.