Fifth Third Bancorp (NASDAQ:FITB) Price Target Increased to $45.00 by Analysts at Bank of America

Fifth Third Bancorp (NASDAQ:FITB) had its price objective upped by Bank of America from $42.00 to $45.00 in a research report released on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the financial services provider’s stock.

FITB has been the subject of a number of other reports. JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a neutral rating to an overweight rating and raised their price objective for the stock from $37.50 to $39.50 in a research report on Wednesday, May 1st. Jefferies Financial Group raised their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a buy rating in a report on Wednesday, July 3rd. Stephens reiterated an equal weight rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. UBS Group reiterated a neutral rating and issued a $39.00 target price (down previously from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Finally, Royal Bank of Canada boosted their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an outperform rating in a report on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of Hold and a consensus price target of $40.15.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $40.98 on Monday. The company has a 50-day moving average of $37.25 and a two-hundred day moving average of $36.07. The stock has a market cap of $28.03 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a one year low of $22.49 and a one year high of $41.85.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The firm had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the previous year, the firm posted $0.87 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Friday, June 28th. Fifth Third Bancorp’s payout ratio is 44.44%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. SVB Wealth LLC boosted its position in shares of Fifth Third Bancorp by 3.8% in the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 283 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in Fifth Third Bancorp by 3.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock worth $294,000 after purchasing an additional 300 shares during the last quarter. Lcnb Corp increased its holdings in shares of Fifth Third Bancorp by 1.7% during the 4th quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 319 shares during the period. MCF Advisors LLC raised its position in shares of Fifth Third Bancorp by 0.8% during the first quarter. MCF Advisors LLC now owns 41,594 shares of the financial services provider’s stock valued at $1,558,000 after buying an additional 328 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its stake in shares of Fifth Third Bancorp by 21.1% in the fourth quarter. Independence Bank of Kentucky now owns 2,038 shares of the financial services provider’s stock valued at $70,000 after buying an additional 355 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.