Fifth Third Bancorp (NASDAQ:FITB) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report published on Wednesday morning,Benzinga reports. The firm currently has a $53.00 price target on the financial services provider’s stock, down from their previous price target of $54.00.

A number of other research firms also recently issued reports on FITB. Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Evercore ISI increased their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One investment 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Trading Up 0.8 %

FITB opened at $44.18 on Wednesday. The stock has a market capitalization of $29.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.91 and a beta of 1.24. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The firm’s fifty day simple moving average is $44.78 and its 200 day simple moving average is $43.03.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.35%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $25,000. Venturi Wealth Management LLC increased its position in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 316 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the 3rd quarter worth about $36,000. Hexagon Capital Partners LLC boosted its holdings in Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $39,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Company Profile

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.