Fifth Third Bancorp (NASDAQ:FITB) Upgraded to Outperform at Robert W. Baird

Robert W. Baird upgraded shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) from a neutral rating to an outperform rating in a report published on Monday morning, Marketbeat reports. They currently have $47.00 target price on the financial services provider's stock.

Several other analysts also recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Citigroup lowered their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Barclays lifted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company dropped their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.12.

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Fifth Third Bancorp Stock Up 0.0 %

Shares of FITB traded up $0.01 during trading hours on Monday, hitting $33.84. The stock had a trading volume of 5,836,563 shares, compared to its average volume of 4,466,293. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The firm has a market capitalization of $22.61 billion, a P/E ratio of 10.78, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The firm has a 50 day simple moving average of $40.10 and a 200-day simple moving average of $42.94. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 47.13%.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the business. Norges Bank purchased a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $371,836,000. PL Capital Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock worth $78,654,000 after acquiring an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $53,508,000. GAMMA Investing LLC raised its stake in shares of Fifth Third Bancorp by 4,271.4% during the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after purchasing an additional 1,175,834 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after purchasing an additional 1,027,044 shares in the last quarter. Hedge funds and other institutional investors 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.