Fifth Third Bancorp (NASDAQ:FITB) Sets New 12-Month High on Analyst Upgrade

Fifth Third Bancorp (NASDAQ:FITB)’s share price hit a new 52-week high during trading on Thursday after Evercore ISI raised their price target on the stock from $37.00 to $40.00. Evercore ISI currently has an in-line rating on the stock. Fifth Third Bancorp traded as high as $37.41 and last traded at $37.30, with a volume of 2424773 shares changing hands. The stock had previously closed at $36.74.

A number of other equities research analysts have also recently commented on the stock. UBS Group increased their target price on shares of Fifth Third Bancorp from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Stephens reiterated an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Keefe, Bruyette & Woods lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $33.00 to $37.00 in a research report on Tuesday, January 9th. Barclays increased their price objective on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Royal Bank of Canada lifted their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $35.72.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jude Schramm sold 5,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. purchased a new stake in Fifth Third Bancorp during the 4th quarter worth about $474,000. HighPoint Advisor Group LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $3,047,000. PNC Financial Services Group Inc. lifted its stake in Fifth Third Bancorp by 8.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after purchasing an additional 21,612 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Fifth Third Bancorp by 2.3% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 28,747 shares of the financial services provider’s stock valued at $1,002,000 after purchasing an additional 652 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after purchasing an additional 734,403 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 1.5 %

The firm’s 50-day moving average price is $34.69 and its two-hundred day moving average price is $30.68. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $25.41 billion, a PE ratio of 11.49, a P/E/G ratio of 1.38 and a beta of 1.26.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.77 by $0.22. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the business earned $1.04 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 3.17 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be given a $0.35 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.75%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 43.34%.

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.