Piper Sandler Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $54.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price increased by Piper Sandler from $49.00 to $54.00 in a report published on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on FITB. Barclays increased their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Evercore ISI raised their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Citigroup lifted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.19.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $47.05 on Tuesday. The company has a 50-day moving average of $44.88 and a two-hundred day moving average of $41.19. The stock has a market cap of $31.55 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 2.28 and a beta of 1.22. 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 has a one year low of $30.01 and a one year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.15%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insiders Place Their Bets

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the last quarter. American Capital Advisory LLC bought a new position in Fifth Third Bancorp during the second quarter worth $34,000. Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp during the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC grew its position in 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 worth $37,000 after purchasing an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Fifth Third Bancorp during the 3rd quarter worth about $39,000. 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.