Evercore Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $51.00
by Teresa Graham · The Cerbat GemFifth Third Bancorp (NASDAQ:FITB – Free Report) had its target price lowered by Evercore from $57.00 to $51.00 in a research note issued to investors on Monday morning,MarketScreener reports.
Several other analysts have also issued reports on FITB. Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Wolfe Research reduced their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Citigroup increased their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Jefferies Financial Group dropped their price objective on shares of Fifth Third Bancorp from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Finally, JPMorgan Chase & Co. started coverage on shares of Fifth Third Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $50.50 price objective for the company. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.41.
Check Out Our Latest Analysis on FITB
Fifth Third Bancorp Stock Performance
Shares of NASDAQ:FITB opened at $49.34 on Monday. The company’s 50 day moving average price is $49.03 and its two-hundred day moving average price is $46.61. Fifth Third Bancorp has a 12-month low of $32.27 and a 12-month high of $55.44. The firm has a market cap of $44.68 billion, a PE ratio of 13.94, a PEG ratio of 0.93 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.
Fifth Third Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.
Hedge Funds Weigh In On Fifth Third Bancorp
Several large investors have recently modified their holdings of the business. Evolution Wealth Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $26,000. Westside Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after buying an additional 292 shares during the period. Harbor Investment Advisory LLC increased its position in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the period. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Finally, United Community Bank increased its position in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 shares during the period. Institutional investors own 83.79% of the company’s stock.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.
On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.