Fifth Third Bancorp (NASDAQ:FITB) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been assigned an average recommendation of “Moderate Buy” from the twenty-three research firms that are presently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $60.5357.

FITB has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Royal Bank Of Canada raised their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price for the company. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Finally, Citigroup raised their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp in the 1st quarter worth about $25,000. SouthState Bank Corp raised its stake in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Clearstead Trust LLC acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $30,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $54.41 on Friday. The firm has a market cap of $49.34 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The company’s fifty day moving average is $56.43 and its 200-day moving average is $52.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.88 EPS. Equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.