Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $52.00

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

FITB has been the subject of a number of other reports. Stephens reissued an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays reduced their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods lowered their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, Cowen assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $0.20 on Tuesday, hitting $39.78. 5,225,920 shares of the company's stock were exchanged, compared to its average volume of 4,524,186. The stock has a market capitalization of $26.55 billion, a PE ratio of 12.67, 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 $36.65 and a 200-day simple moving average of $40.84. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

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

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 46.98%.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners increased its stake in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after acquiring an additional 823,803 shares during the period. Deutsche Bank AG boosted its holdings in Fifth Third Bancorp by 27.3% in the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after purchasing an additional 438,446 shares during the last quarter. AMJ Financial Wealth Management grew its position in Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after purchasing an additional 9,401 shares during the period. Banco Santander S.A. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $357,000. Finally, Fred Alger Management LLC lifted its holdings in shares of Fifth Third Bancorp by 29.5% in the 4th quarter. Fred Alger Management LLC now owns 65,867 shares of the financial services provider's stock valued at $2,809,000 after buying an additional 15,023 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

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.