Fifth Third Bancorp (NASDAQ:FITB) Now Covered by Analysts at Truist Financial

Truist Financial began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note released on Tuesday morning,Benzinga reports. The brokerage issued a buy rating and a $51.00 target price on the financial services provider’s stock.

Several other analysts have also issued reports on the company. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Trading Down 0.2 %

Shares of FITB opened at $42.86 on Tuesday. The firm’s 50 day simple moving average is $45.29 and its 200 day simple moving average is $42.54. The company has a market capitalization of $28.74 billion, a P/E ratio of 14.24, a P/E/G ratio of 2.18 and a beta of 1.22. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the company earned $0.92 EPS. Fifth Third Bancorp’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. TD Asset Management Inc boosted its position in shares of Fifth Third Bancorp by 5.6% during the second quarter. TD Asset Management Inc now owns 289,206 shares of the financial services provider’s stock valued at $10,553,000 after buying an additional 15,282 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Fifth Third Bancorp by 23.1% during the 2nd quarter. National Bank of Canada FI now owns 193,138 shares of the financial services provider’s stock valued at $7,005,000 after acquiring an additional 36,287 shares during the last quarter. Candriam S.C.A. grew its stake in shares of Fifth Third Bancorp by 26.1% in the second quarter. Candriam S.C.A. now owns 70,930 shares of the financial services provider’s stock worth $2,588,000 after acquiring an additional 14,671 shares during the period. Lake Street Advisors Group LLC raised its holdings in shares of Fifth Third Bancorp by 5.5% during the second quarter. Lake Street Advisors Group LLC now owns 6,988 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 363 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $384,000. 83.79% of the stock is 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.