Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $50.00 at DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) had its target price hoisted by DA Davidson from $49.00 to $50.00 in a research report report published on Thursday,Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the company. Morgan Stanley upped their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods lifted 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. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $43.85 on Thursday. The firm has a fifty day simple moving average of $44.85 and a two-hundred day simple moving average of $43.02. 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 stock has a market capitalization of $29.40 billion, a P/E ratio of 13.96, a PEG ratio of 1.95 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.38%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred 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 owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Austin Private Wealth LLC boosted its position in shares of Fifth Third Bancorp by 13.3% in the 4th quarter. Austin Private Wealth LLC now owns 6,181 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 725 shares in the last quarter. Caprock Group LLC grew its position in Fifth Third Bancorp by 17.0% during the 4th quarter. Caprock Group LLC now owns 13,045 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 1,891 shares during the last quarter. Kennebec Savings Bank grew its position in Fifth Third Bancorp by 3.6% during the 4th quarter. Kennebec Savings Bank now owns 9,072 shares of the financial services provider’s stock worth $379,000 after purchasing an additional 315 shares during the last quarter. Sonora Investment Management Group LLC raised its holdings in shares of Fifth Third Bancorp by 1.4% in the fourth quarter. Sonora Investment Management Group LLC now owns 59,944 shares of the financial services provider’s stock worth $2,534,000 after buying an additional 848 shares during the last quarter. Finally, OLD National Bancorp IN raised its holdings in shares of Fifth Third Bancorp by 9.3% in the fourth quarter. OLD National Bancorp IN now owns 29,828 shares of the financial services provider’s stock worth $1,261,000 after buying an additional 2,549 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other 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.