Fifth Third Bancorp (NASDAQ:FITB) Given New $58.00 Price Target at Argus

Fifth Third Bancorp (NASDAQ:FITB) had its price objective upped by Argus from $49.00 to $58.00 in a report published on Thursday morning,MarketScreener reports.

A number of other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday. Barclays increased their price target on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Citigroup restated a “neutral” rating on shares of Fifth Third Bancorp in a report on Friday. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.51.

Fifth Third Bancorp Stock Up 0.4%

FITB stock traded up $0.20 during midday trading on Thursday, hitting $51.09. 1,310,561 shares of the company’s stock were exchanged, compared to its average volume of 8,945,886. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $53.33. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $33.77 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.13 and a beta of 0.97. The firm has a 50 day moving average price of $46.67 and a 200-day moving average price of $44.55.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, January 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.08. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The company’s revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Fifth Third Bancorp by 1.6% in the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares during the last quarter. Capital World Investors grew its holdings in Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after buying an additional 1,803,861 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 1.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after buying an additional 398,517 shares during the period. Invesco Ltd. increased its position in Fifth Third Bancorp by 2.6% in the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock worth $945,556,000 after buying an additional 546,914 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Fifth Third Bancorp by 3.6% during the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock worth $737,728,000 after buying an additional 619,956 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.