Fifth Third Bancorp (NASDAQ:FITB) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage currently has $39.50 target price on the financial services provider’s stock, up from their prior target price of $37.50.

A number of other analysts have also recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an in-line rating in a research note on Thursday, March 28th. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an overweight rating in a report on Thursday, March 28th. Morgan Stanley reissued an equal weight rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Stephens reissued an equal weight rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Finally, Robert W. Baird restated a neutral rating and set a $32.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $36.50.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $37.10 on Wednesday. The stock has a market capitalization of $25.27 billion, a P/E ratio of 11.78, a P/E/G ratio of 1.38 and a beta of 1.24. The business has a 50-day moving average of $35.72 and a two-hundred day moving average of $32.53. Fifth Third Bancorp has a fifty-two week low of $22.46 and a fifty-two week high of $37.67. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. During the same period last year, the business earned $0.78 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post 3.2 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.77%. Fifth Third Bancorp’s payout ratio is presently 44.44%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the sale, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James C. Leonard sold 26,500 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,357 shares of company stock worth $1,693,888. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds have recently modified their holdings of the business. Financial Synergies Wealth Advisors Inc. acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $29,000. GoalVest Advisory LLC lifted its stake in Fifth Third Bancorp by 145.5% in the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after buying an additional 560 shares during the period. Denali Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $36,000. Financial Management Professionals Inc. lifted its position in shares of Fifth Third Bancorp by 1,000.0% during the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 1,000 shares during the period. Finally, Authentikos Wealth Advisory LLC acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.