Wells Fargo & Company Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by Wells Fargo & Company from $52.00 to $54.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

Several other research analysts have also commented on the stock. Morgan Stanley lifted their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Royal Bank of Canada raised their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Bank of America boosted their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $43.09.

Fifth Third Bancorp Stock Down 0.6 %

Shares of NASDAQ FITB opened at $46.99 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 12-month low of $26.89 and a 12-month high of $48.10. The firm’s 50-day moving average price is $43.61 and its 200-day moving average price is $40.41. The stock has a market capitalization of $31.51 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 2.25 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.92 earnings per share. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.15%. Fifth Third Bancorp’s payout ratio is 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This represents a 14.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC raised its stake 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 valued at $29,000 after buying an additional 316 shares during the last quarter. American Capital Advisory LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at about $34,000. Legacy Investment Solutions LLC purchased a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $36,000. Hexagon Capital Partners LLC boosted its stake in 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 worth $37,000 after purchasing an additional 312 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth approximately $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

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.