Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $52.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB - Free Report) had its price target hoisted by Wells Fargo & Company from $48.00 to $52.00 in a research report report published on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Several other brokerages have also issued reports on FITB. Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective on the stock. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $42.00 to $47.00 in a research report on Monday. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price objective for the company. Finally, Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp Trading Down 2.6%

Shares of NASDAQ FITB traded down $1.00 during midday trading on Tuesday, reaching $37.98. 3,076,942 shares of the stock were exchanged, compared to its average volume of 4,482,215. The stock has a market capitalization of $25.35 billion, a P/E ratio of 12.10, a PEG ratio of 1.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50 day simple moving average of $37.03 and a 200 day simple moving average of $40.68. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter last year, the firm earned $0.70 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's payout ratio is currently 46.98%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FITB. Strs Ohio purchased a new position in shares of Fifth Third Bancorp in the 1st quarter valued at about $1,384,000. Advisors Capital Management LLC increased its stake in shares of Fifth Third Bancorp by 2.4% during the first quarter. Advisors Capital Management LLC now owns 301,011 shares of the financial services provider's stock worth $11,800,000 after buying an additional 7,115 shares during the period. Geneos Wealth Management Inc. raised its holdings in Fifth Third Bancorp by 28.6% in the first quarter. Geneos Wealth Management Inc. now owns 7,042 shares of the financial services provider's stock valued at $276,000 after acquiring an additional 1,567 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Fifth Third Bancorp by 2.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,352,987 shares of the financial services provider's stock worth $170,637,000 after acquiring an additional 123,884 shares during the last quarter. Finally, Woodline Partners LP grew its holdings in Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock worth $2,218,000 after acquiring an additional 16,323 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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.