Fifth Third Bancorp (NASDAQ:FITB) Upgraded by Argus to “Strong-Buy” Rating

Argus upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other research analysts have also commented on the company. Jefferies Financial Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 8th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Wolfe Research dropped their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Finally, Stephens began coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.20.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $57.77 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $52.36 billion, a P/E ratio of 19.39, a P/E/G ratio of 1.09 and a beta of 0.90. The firm’s 50 day moving average price is $53.58 and its 200-day moving average price is $50.85. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.51% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp during the 1st quarter worth approximately $25,000. SouthState Bank Corp raised its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. Finally, Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $30,000. Institutional investors and hedge funds 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.