Nomura reaffirmed their hold rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report published on Thursday, AnalystRatings.com reports. The firm currently has a $29.00 price target on the financial services provider’s stock.
Several other research firms have also issued reports on FITB. Barclays raised Fifth Third Bancorp from an equal weight rating to an overweight rating and set a $38.00 price target for the company in a research report on Monday, January 6th. Wedbush reissued an outperform rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Fifth Third Bancorp from $32.00 to $30.50 and set a neutral rating for the company in a research note on Thursday, October 10th. BidaskClub cut shares of Fifth Third Bancorp from a sell rating to a strong sell rating in a report on Saturday, January 18th. Finally, Raymond James upped their target price on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the stock an outperform rating in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $31.57.
NASDAQ:FITB traded down $0.52 during trading hours on Thursday, reaching $28.84. 4,796,367 shares of the company traded hands, compared to its average volume of 4,868,010. The business’s 50-day moving average price is $30.36 and its two-hundred day moving average price is $28.58. The stock has a market capitalization of $20.82 billion, a P/E ratio of 8.58, a P/E/G ratio of 1.39 and a beta of 1.40. Fifth Third Bancorp has a 1 year low of $24.17 and a 1 year high of $31.64. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.77.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date was Monday, December 30th. Fifth Third Bancorp’s payout ratio is presently 34.66%.
In other news, EVP Frank R. Forrest sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $30.53, for a total transaction of $228,975.00. Following the completion of the transaction, the executive vice president now directly owns 55,474 shares of the company’s stock, valued at $1,693,621.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Philip Mchugh sold 36,382 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $30.56, for a total transaction of $1,111,833.92. Company insiders own 0.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of FITB. Covington Capital Management bought a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $25,000. Global Retirement Partners LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at $31,000. FinTrust Capital Advisors LLC bought a new position in Fifth Third Bancorp in the third quarter valued at about $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Fifth Third Bancorp by 4,403.4% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,306 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,277 shares during the period. Finally, CSat Investment Advisory L.P. lifted its holdings in Fifth Third Bancorp by 179.1% in the second quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,121 shares during the period. Institutional investors own 78.68% of the company’s stock.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
Read More: Dividend Reinvestment Plan (DRIP)
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