Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Piper Sandler Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price target raised by Piper Sandler from $49.00 to $54.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

FITB has been the topic of a number of other research reports. Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $44.81.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $47.32 on Tuesday. The company has a market capitalization of $31.73 billion, a P/E ratio of 15.72, a PEG ratio of 2.25 and a beta of 1.22. Fifth Third Bancorp has a fifty-two week low of $30.19 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $45.07 and a two-hundred day moving average price of $41.27.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company earned $0.92 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently bought and sold shares of FITB. Jupiter Asset Management Ltd. bought a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $33,337,000. Charles Schwab Investment Management Inc. boosted its holdings in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after buying an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth $28,490,000. Millennium Management LLC lifted its position in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Fifth Third Bancorp by 76.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after acquiring an additional 575,449 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Company Profile

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.