Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $40.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by Morgan Stanley from $36.00 to $40.00 in a report published on Monday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms have also weighed in on FITB. Jefferies Financial Group raised their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a buy rating in a report on Wednesday, July 3rd. DA Davidson lifted their target price on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a neutral rating in a research report on Monday, April 22nd. Evercore ISI reduced their price target on Fifth Third Bancorp from $42.00 to $41.00 and set an in-line rating for the company in a report on Tuesday, June 25th. Stephens restated an equal weight rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Finally, Wolfe Research upgraded Fifth Third Bancorp from a peer perform rating to an outperform rating and set a $43.00 target price for the company in a research note on Friday, May 31st. One 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’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $40.15.

Fifth Third Bancorp Trading Down 0.7 %

Shares of FITB opened at $40.98 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $41.85. The stock has a market cap of $28.03 billion, a PE ratio of 13.01, a P/E/G ratio of 2.85 and a beta of 1.24. The stock’s 50-day moving average is $37.25 and its two-hundred day moving average is $36.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the firm posted $0.87 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $0.35 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.42%. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Activity

In related news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Financial Synergies Wealth Advisors Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $29,000. Denali Advisors LLC acquired a new position in Fifth Third Bancorp during the 4th quarter valued at about $36,000. Centerpoint Advisors LLC grew its position in Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 750 shares during the last quarter. Friedenthal Financial acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $48,000. Finally, Family Firm Inc. bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $52,000. 83.79% of the stock is currently owned by 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.