Fifth Third Bancorp (NASDAQ:FITB) Sets New 52-Week High Following Analyst Upgrade

Key Points

• Fifth Third Bancorp hit a new 52-week high after JPMorgan Chase raised its price target to $61 from $54.50 and kept an overweight rating. The stock traded as high as $58.45.
• Analyst sentiment remains broadly positive, with 16 Buy ratings and five Holds, and MarketBeat data showing an average rating of Moderate Buy with a $58.81 average price target.
• The company recently reported stronger-than-expected quarterly earnings of $0.83 per share, and it also announced a quarterly dividend of $0.40 per share, equal to a 2.7% annualized yield.

Shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) hit a new 52-week high on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $54.50 to $61.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fifth Third Bancorp traded as high as $58.45 and last traded at $58.3750, with a volume of 12696 shares. The stock had previously closed at $57.89.

Several other brokerages have also commented on FITB. Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 price objective for the company. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Wolfe Research cut their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a report on Monday, May 4th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average price target of $58.81.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company's stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the business. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $25,000. SouthState Bank Corp increased its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after buying an additional 236 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp during the 4th quarter valued at $30,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.7%

The firm's 50-day moving average price is $51.55 and its 200 day moving average price is $49.96. The firm has a market cap of $52.85 billion, a P/E ratio of 19.53, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter last year, the business posted $0.71 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.7%. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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