Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $53.00 at JPMorgan Chase & Co.

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by JPMorgan Chase & Co. from $50.50 to $53.00 in a research report released on Tuesday, MarketBeat reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group decreased their price objective on shares of Fifth Third Bancorp from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Morgan Stanley decreased their price objective on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Royal Bank Of Canada increased their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Argus increased their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.16.

Fifth Third Bancorp Trading Up 0.5%

FITB opened at $47.79 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.27 and a twelve month high of $55.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average of $49.04 and a 200-day moving average of $46.59. The stock has a market cap of $43.28 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FITB. Norges Bank bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $649,264,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after buying an additional 2,644,332 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after buying an additional 2,574,712 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after buying an additional 2,293,939 shares in the last quarter. 83.79% of the stock is 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.