Fifth Third Bancorp (NASDAQ:FITB) Now Covered by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report report published on Tuesday morning,Benzinga reports. The firm issued a buy rating and a $51.00 price objective on the financial services provider’s stock.

FITB has been the topic of a number of other reports. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley boosted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Citigroup raised their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.92.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $42.42 on Tuesday. The stock has a market cap of $28.44 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 2.18 and a beta of 1.22. The firm has a 50-day moving average of $45.23 and a two-hundred day moving average of $42.54. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for 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 company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.49%. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after acquiring an additional 281,494 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after acquiring an additional 399,827 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after purchasing an additional 409,292 shares in the last quarter. Finally, Smead Capital Management Inc. raised its holdings in Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock worth $95,278,000 after purchasing an additional 75,024 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

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.