Fifth Third Bancorp (NASDAQ:FITB) Announces Quarterly Dividend of $0.37

Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.37 per share by the financial services provider on Tuesday, April 15th. This represents a $1.48 annualized dividend and a yield of 3.75%.

Fifth Third Bancorp has raised its dividend by an average of 8.1% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Fifth Third Bancorp has a payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fifth Third Bancorp to earn $4.11 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 36.0%.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $39.43 on Friday. The company has a fifty day moving average price of $42.56 and a 200 day moving average price of $43.58. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07. The stock has a market cap of $26.34 billion, a P/E ratio of 12.56, a PEG ratio of 1.42 and a beta of 1.21.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson upped their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Stephens reiterated an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.36.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

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.