Fifth Third Bancorp (NASDAQ:FITB) Earns Buy Rating from Analysts at Truist Financial

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

Other analysts have also recently issued research reports about the company. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. 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 report on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Stock Performance

FITB opened at $42.86 on Tuesday. The company’s 50 day moving average is $45.29 and its 200 day moving average is $42.54. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $28.74 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 2.18 and a beta of 1.22. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction 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 $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently made changes to their positions in the company. TD Asset Management Inc raised its position in Fifth Third Bancorp by 5.6% in the 2nd quarter. TD Asset Management Inc now owns 289,206 shares of the financial services provider’s stock worth $10,553,000 after purchasing an additional 15,282 shares during the period. National Bank of Canada FI raised its holdings in shares of Fifth Third Bancorp by 23.1% in the second quarter. National Bank of Canada FI now owns 193,138 shares of the financial services provider’s stock worth $7,005,000 after buying an additional 36,287 shares during the period. Candriam S.C.A. lifted its stake in shares of Fifth Third Bancorp by 26.1% during the 2nd quarter. Candriam S.C.A. now owns 70,930 shares of the financial services provider’s stock worth $2,588,000 after acquiring an additional 14,671 shares during the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Fifth Third Bancorp by 5.5% during the 2nd quarter. Lake Street Advisors Group LLC now owns 6,988 shares of the financial services provider’s stock worth $257,000 after acquiring an additional 363 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Fifth Third Bancorp in the 2nd quarter valued at $384,000. 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.