Fifth Third Bancorp (NASDAQ:FITB) Given New $55.00 Price Target at Wolfe Research

Fifth Third Bancorp (NASDAQ:FITB) had its price objective decreased by Wolfe Research from $57.00 to $55.00 in a research note published on Wednesday morning,MarketScreener reports. Wolfe Research currently has an outperform rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the stock. Citigroup upped their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Weiss Ratings upgraded Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Evercore upped their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. Barclays raised their price objective on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. started coverage on Fifth Third Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $50.50 price objective for the company. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.14.

Fifth Third Bancorp Stock Performance

FITB opened at $46.82 on Wednesday. The firm has a fifty day moving average price of $49.31 and a 200 day moving average price of $46.54. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44. The stock has a market cap of $42.40 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.91 and a beta of 0.95. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.4%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its position in shares of Fifth Third Bancorp by 51.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,751,834 shares of the financial services provider’s stock valued at $82,004,000 after acquiring an additional 597,546 shares in the last quarter. World Investment Advisors increased its position in shares of Fifth Third Bancorp by 10.0% during the fourth quarter. World Investment Advisors now owns 10,020 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 912 shares in the last quarter. Larry Mathis Financial Planning LLC acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $218,000. Corient Private Wealth LLC lifted its holdings in Fifth Third Bancorp by 7.4% in the 4th quarter. Corient Private Wealth LLC now owns 221,238 shares of the financial services provider’s stock valued at $10,358,000 after purchasing an additional 15,204 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in Fifth Third Bancorp by 9.4% in the 4th quarter. Hsbc Holdings PLC now owns 2,328,951 shares of the financial services provider’s stock valued at $109,088,000 after purchasing an additional 199,924 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.