Evercore ISI Raises Fifth Third Bancorp (NASDAQ:FITB) Price Target to $47.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target upped by Evercore ISI from $46.00 to $47.00 in a report published on Wednesday, Benzinga reports. The firm currently has an in-line rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods reiterated a market perform rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Bank of America upped their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a buy rating in a report on Monday, July 22nd. Argus raised their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Jefferies Financial Group increased 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. Finally, Royal Bank of Canada boosted their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an outperform rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $41.78.

Fifth Third Bancorp Stock Up 0.9 %

Shares of FITB stock opened at $42.10 on Wednesday. The company has a market capitalization of $28.80 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 2.03 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50 day simple moving average is $41.48 and its 200 day simple moving average is $38.60. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $43.85.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the previous year, the firm posted $0.87 earnings per share. As a group, research analysts predict that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.52%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the transaction, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock worth $2,269,920 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently modified their holdings of FITB. Quent Capital LLC increased its stake in shares of Fifth Third Bancorp by 9.9% in the 3rd quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after buying an additional 248 shares during the period. Bailard Inc. raised its position in shares of Fifth Third Bancorp by 0.5% during the 2nd quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 264 shares during the last quarter. Ballentine Partners LLC lifted its stake in shares of Fifth Third Bancorp by 2.0% in the 2nd quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 278 shares during the period. SVB Wealth LLC boosted its position in shares of Fifth Third Bancorp by 3.8% in the 1st quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 283 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Fifth Third Bancorp by 2.6% during the second quarter. Signaturefd LLC now owns 12,424 shares of the financial services provider’s stock worth $453,000 after purchasing an additional 314 shares during the period. 83.79% of the stock is 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.