Wolfe Research Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $55.00
by Scott Moore · The Cerbat GemFifth Third Bancorp (NASDAQ:FITB – Free Report) had its price objective lowered by Wolfe Research from $57.00 to $55.00 in a research report sent to investors on Wednesday,MarketScreener reports. The brokerage currently has an outperform rating on the financial services provider’s stock.
Other equities research analysts have also recently issued reports about the stock. Janney Montgomery Scott boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Weiss Ratings raised Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Jefferies Financial Group cut their price target on Fifth Third Bancorp from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Evercore upped their price objective on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. assumed coverage on Fifth Third Bancorp in a report on Monday, March 16th. They set 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 assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.14.
Get Our Latest Stock Analysis on Fifth Third Bancorp
Fifth Third Bancorp Price Performance
Fifth Third Bancorp stock opened at $47.11 on Wednesday. The company has a 50 day moving average of $49.16 and a 200-day moving average of $46.56. 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 has a twelve month low of $32.25 and a twelve month high of $55.44. The stock has a market capitalization of $42.66 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95.
Fifth Third Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given 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 yield of 3.4%. Fifth Third Bancorp’s payout ratio is 45.20%.
Hedge Funds Weigh In On Fifth Third Bancorp
Several hedge funds have recently modified their holdings of FITB. Rockefeller Capital Management L.P. boosted its position in Fifth Third Bancorp by 51.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,751,834 shares of the financial services provider’s stock valued at $82,004,000 after purchasing an additional 597,546 shares during the last quarter. World Investment Advisors increased its position in shares of Fifth Third Bancorp by 10.0% during the 4th quarter. World Investment Advisors now owns 10,020 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 912 shares during the last quarter. Larry Mathis Financial Planning LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $218,000. Corient Private Wealth LLC boosted its holdings in shares of Fifth Third Bancorp by 7.4% in the 4th quarter. Corient Private Wealth LLC now owns 221,238 shares of the financial services provider’s stock valued at $10,358,000 after buying an additional 15,204 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in shares of Fifth Third Bancorp by 9.4% in the 4th quarter. Hsbc Holdings PLC now owns 2,328,951 shares of the financial services provider’s stock valued at $109,088,000 after buying an additional 199,924 shares during the last quarter. 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.