Barclays Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $56.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price boosted by Barclays from $51.00 to $56.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other research analysts also recently commented on FITB. Evercore ISI lifted their target price on 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. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $42.42 on Monday. The stock has a market capitalization of $28.44 billion, a PE ratio of 14.09, a P/E/G ratio of 2.18 and a beta of 1.22. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The firm has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $42.54. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

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

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insider Buying and Selling

In other Fifth Third Bancorp 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 directly owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $36,000. Hexagon Capital Partners LLC boosted its stake in shares of Fifth Third Bancorp by 56.9% in the 3rd 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 in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $39,000. Finally, Versant Capital Management Inc increased its position in Fifth Third Bancorp by 232.0% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 703 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

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.