Fifth Third Bancorp (NASDAQ:FITB) Coverage Initiated at Truist Financial

Truist Financial assumed coverage on shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. The firm issued a buy rating and a $51.00 price target on the financial services provider's stock.

Other analysts also recently issued reports about the company. Baird R W downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday. Evercore ISI raised their price objective 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. Finally, Citigroup boosted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $45.92.

Fifth Third Bancorp Stock Down 0.2 %

NASDAQ FITB traded down $0.08 on Tuesday, reaching $42.86. The company had a trading volume of 3,781,892 shares, compared to its average volume of 4,209,598. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The company's fifty day moving average is $45.31 and its 200 day moving average is $42.49. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The stock 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.

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

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp's payout ratio is 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of FITB. Jupiter Asset Management Ltd. bought a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $33,337,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider's stock worth $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at $28,490,000. Millennium Management LLC grew its holdings in shares of Fifth Third Bancorp by 896.7% during the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider's stock valued at $23,678,000 after purchasing an additional 583,781 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider's stock worth $57,005,000 after purchasing an additional 575,449 shares during the period. 83.79% of the stock is currently owned by hedge funds and other 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.