Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $50.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lifted by Robert W. Baird from $48.00 to $50.00 in a research note issued to investors on Thursday,MarketScreener reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on FITB. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Piper Sandler raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Finally, Citigroup boosted their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.47.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $44.41 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $29.39 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The firm has a fifty day moving average price of $44.10 and a two-hundred day moving average price of $40.61. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Fifth Third Bancorp announced that its Board of Directors has approved a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FITB. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp in the second quarter worth $26,000. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the 1st quarter worth $27,000. Activest Wealth Management lifted its holdings in Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 357 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.