DA Davidson Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $39.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price hoisted by DA Davidson from $37.00 to $39.00 in a research note published on Monday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Fifth Third Bancorp’s Q2 2024 earnings at $0.82 EPS, FY2024 earnings at $3.30 EPS and FY2025 earnings at $3.60 EPS.

Several other research analysts have also recently weighed in on the stock. UBS Group reissued a neutral rating and set a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $29.00 to $36.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Royal Bank of Canada upped their target price on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an outperform rating in a report on Monday, January 22nd. Stephens reaffirmed an equal weight rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Finally, Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an overweight rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $36.31.

Fifth Third Bancorp Stock Down 1.1 %

FITB opened at $36.82 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The firm has a 50 day moving average price of $35.48 and a 200-day moving average price of $32.13. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.41. The stock has a market capitalization of $25.08 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.40 and a beta of 1.27.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the company earned $0.78 earnings per share. Equities research analysts forecast that Fifth Third Bancorp will post 3.2 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.35 per share. 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 3.80%. Fifth Third Bancorp’s dividend payout ratio is 44.44%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,357 shares of company stock worth $1,693,888. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the business. Financial Synergies Wealth Advisors Inc. bought a new position in Fifth Third Bancorp during the first quarter valued at $29,000. GoalVest Advisory LLC lifted its position in Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 560 shares during the last quarter. Denali Advisors LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at $36,000. Financial Management Professionals Inc. lifted its position in Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Fifth Third Bancorp during the fourth quarter valued at $48,000. Institutional investors 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.