Truist Financial Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by Truist Financial from $51.00 to $52.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

FITB has been the topic of several other research reports. Citigroup boosted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Evercore ISI raised their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Piper Sandler boosted their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $44.18 on Wednesday. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The firm’s fifty day simple moving average is $44.78 and its two-hundred day simple moving average is $43.03. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $29.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.91 and a beta of 1.24.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was 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 owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $25,000. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $36,000. Hexagon Capital Partners LLC boosted its holdings in shares of Fifth Third Bancorp by 56.9% during 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. acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $39,000. Hedge funds and other 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.