Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $65.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by Bank of America from $63.00 to $65.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the stock. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. UBS Group increased their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada lifted their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.20.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ:FITB opened at $57.77 on Monday. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The business’s 50-day moving average price is $53.58 and its two-hundred day moving average price is $50.85. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $52.36 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. D.A. Davidson & CO. grew its stake in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after buying an additional 20,862 shares during the last quarter. Nordea Investment Management AB lifted its position in Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after acquiring an additional 39,261 shares during the last quarter. Robinhood Asset Management LLC acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $8,529,000. Keybank National Association OH boosted its holdings in shares of Fifth Third Bancorp by 33.2% during the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after acquiring an additional 21,365 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after acquiring an additional 96,656 shares during the period. 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.