Citigroup Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $52.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by Citigroup from $43.00 to $52.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also issued reports on FITB. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Barclays raised their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Evercore ISI increased 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. Finally, 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $43.62.

Fifth Third Bancorp Stock Up 1.1 %

Shares of NASDAQ:FITB opened at $48.44 on Friday. Fifth Third Bancorp has a 12 month low of $26.89 and a 12 month high of $49.07. The company’s 50-day moving average price is $44.29 and its two-hundred day moving average price is $40.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a market cap of $32.48 billion, a P/E ratio of 16.09, a P/E/G ratio of 2.29 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results 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). The business 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 firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. As a group, research analysts forecast 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. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now 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. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. OneDigital Investment Advisors LLC lifted its position in Fifth Third Bancorp by 1.1% during the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after purchasing an additional 222 shares during the period. Transamerica Financial Advisors Inc. lifted its position in Fifth Third Bancorp by 7.5% during the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 232 shares during the period. Quent Capital LLC lifted its position in Fifth Third Bancorp by 9.9% during the third quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 248 shares during the period. Diversified Trust Co lifted its position in Fifth Third Bancorp by 2.6% during the third quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock worth $433,000 after purchasing an additional 259 shares during the period. Finally, Metis Global Partners LLC lifted its position in Fifth Third Bancorp by 1.2% during the third quarter. Metis Global Partners LLC now owns 21,749 shares of the financial services provider’s stock worth $932,000 after purchasing an additional 260 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.