Brokerages Set Fifth Third Bancorp (NASDAQ:FITB) Price Target at $57.34

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been assigned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $57.9375.

A number of research firms recently issued reports on FITB. Barclays boosted their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Stephens began coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th.

Fifth Third Bancorp Trading Up 1.0%

NASDAQ:FITB opened at $56.89 on Tuesday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $56.94. The firm has a fifty day simple moving average of $51.04 and a 200-day simple moving average of $49.70. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $51.56 billion, a P/E ratio of 19.09, a PEG ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the previous year, the firm posted $0.71 earnings per share. On average, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after acquiring an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after acquiring an additional 10,444,799 shares during the period. Capital World Investors raised its position in shares of Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. State Street Corp raised its position in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after purchasing an additional 530,489 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.