Fifth Third Bancorp (NASDAQ:FITB) Hits New 12-Month High on Analyst Upgrade

Fifth Third Bancorp (NASDAQ:FITB)’s stock price reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $43.00 to $52.00. Citigroup currently has a neutral rating on the stock. Fifth Third Bancorp traded as high as $48.50 and last traded at $48.50, with a volume of 1770 shares changing hands. The stock had previously closed at $47.90.

Several other analysts also recently issued reports on the stock. Barclays lifted their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley lifted their price target 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. Wells Fargo & Company lifted their price target on shares of 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. Finally, Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and an average target price of $43.62.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FITB. BOKF NA increased its position in Fifth Third Bancorp by 2,563.3% during the first quarter. BOKF NA now owns 43,492 shares of the financial services provider’s stock valued at $1,596,000 after acquiring an additional 41,859 shares during the last quarter. SVB Wealth LLC lifted its stake in 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 worth $287,000 after acquiring an additional 283 shares during the period. Bayesian Capital Management LP purchased a new stake in Fifth Third Bancorp in the first quarter worth about $1,384,000. Interval Partners LP lifted its stake in Fifth Third Bancorp by 1.5% in the first quarter. Interval Partners LP now owns 564,240 shares of the financial services provider’s stock worth $20,995,000 after acquiring an additional 8,109 shares during the period. Finally, Dynasty Wealth Management LLC purchased a new stake in Fifth Third Bancorp in the first quarter worth about $265,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.7 %

The stock’s 50 day moving average is $44.17 and its two-hundred day moving average is $40.73. The company has a market capitalization of $32.66 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) 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 company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the company earned $0.92 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.04%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

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.