Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $52.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by Wells Fargo & Company from $48.00 to $52.00 in a research note released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $42.00 to $47.00 in a report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective for the company in a report on Monday, April 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Citigroup reduced their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.53.

Fifth Third Bancorp Stock Down 0.4%

FITB opened at $38.98 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50-day moving average is $36.94 and its 200 day moving average is $40.75. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The firm has a market capitalization of $26.02 billion, a P/E ratio of 12.41, a PEG ratio of 1.42 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter last year, the company posted $0.70 earnings per share. Research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.80%. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. lifted its holdings in shares of Fifth Third Bancorp by 23.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 11,206 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 2,163 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 46.8% in the 4th quarter. Kingsview Wealth Management LLC now owns 16,825 shares of the financial services provider’s stock worth $711,000 after acquiring an additional 5,366 shares during the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Fifth Third Bancorp by 8.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 15,858 shares of the financial services provider’s stock worth $670,000 after acquiring an additional 1,193 shares during the last quarter. Savant Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 10.6% in the 4th quarter. Savant Capital LLC now owns 21,906 shares of the financial services provider’s stock worth $926,000 after acquiring an additional 2,104 shares during the last quarter. Finally, Equitable Trust Co. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $725,000. 83.79% of the stock is currently owned by institutional investors.

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.