Fifth Third Bancorp’s (FITB) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report report published on Monday morning,Benzinga reports. Piper Sandler currently has a $54.00 price target on the financial services provider’s stock, down from their prior price target of $57.00.

Several other equities research analysts have also weighed in on FITB. Truist Financial reduced their target price on Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, March 13th. Evercore increased their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a report on Thursday, February 5th. TD Cowen reissued a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Citigroup upped their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.14.

Fifth Third Bancorp Stock Performance

FITB opened at $46.82 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $42.40 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 0.91 and a beta of 0.95. The stock has a 50-day moving average of $49.31 and a 200-day moving average of $46.54. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.4%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.20%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. AE Wealth Management LLC grew its position in Fifth Third Bancorp by 4.7% in the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the last quarter. Bahl & Gaynor Inc. raised its position in shares of Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock valued at $7,189,000 after buying an additional 24,566 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Fifth Third Bancorp by 2.4% in the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock valued at $90,131,000 after buying an additional 48,080 shares during the period. Generali Asset Management SPA SGR bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at about $1,314,000. Finally, Westfield Capital Management Co. LP grew its position in Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after buying an additional 340,030 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.