Piper Sandler Reaffirms Overweight Rating for Fifth Third Bancorp (NASDAQ:FITB)

Piper Sandler reissued their overweight rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $53.00 price target on the financial services provider’s stock, down from their previous price target of $54.00.

Several other analysts have also recently commented on FITB. Barclays raised their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Evercore ISI lifted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Truist Financial upped their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Citigroup lifted their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $46.14.

Fifth Third Bancorp Stock Down 2.1 %

Shares of Fifth Third Bancorp stock opened at $43.93 on Wednesday. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a market cap of $29.46 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.93 and a beta of 1.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a 50-day moving average price of $44.91 and a 200 day moving average price of $43.02.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is 47.13%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $25,000. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 316 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Fifth Third Bancorp during the third quarter worth $36,000. Hexagon Capital Partners LLC increased its position in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth $39,000. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.