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

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lifted by Truist Financial from $51.00 to $52.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on the company. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.14.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $43.93 on Wednesday. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a fifty day simple moving average of $44.91 and a two-hundred day simple moving average of $43.02. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $29.46 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.37%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred 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 directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds have recently modified their holdings of the stock. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at approximately $25,000. Venturi Wealth Management LLC increased its stake in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp during the third quarter worth $36,000. Hexagon Capital Partners LLC grew its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of Fifth Third Bancorp in the third quarter valued at $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

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.