Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $61.00 by Analysts at Stephens

Fifth Third Bancorp (NASDAQ:FITB) had its price objective reduced by Stephens from $63.00 to $61.00 in a report issued on Tuesday. Stephens currently has an equal weight rating on the financial services provider’s stock.

FITB has been the subject of several other research reports. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Bank of America increased their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Jefferies Financial Group reduced their price objective on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.20.

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ FITB opened at $51.61 on Tuesday. The stock has a market capitalization of $46.80 billion, a P/E ratio of 17.31, a P/E/G ratio of 1.09 and a beta of 0.89. The company has a 50-day moving average price of $55.75 and a 200-day moving average price of $52.26. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.42 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.34%.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently made changes to their positions in FITB. QRG Capital Management Inc. lifted its holdings in Fifth Third Bancorp by 15.1% during the 2nd quarter. QRG Capital Management Inc. now owns 37,424 shares of the financial services provider’s stock worth $2,110,000 after purchasing an additional 4,911 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Fifth Third Bancorp by 115.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 35,927 shares of the financial services provider’s stock worth $2,025,000 after purchasing an additional 19,253 shares in the last quarter. Security National Bank of SO Dak purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $25,000. Junto Capital Management LP increased its holdings in shares of Fifth Third Bancorp by 85.2% in the second quarter. Junto Capital Management LP now owns 1,094,284 shares of the financial services provider’s stock worth $61,685,000 after purchasing an additional 503,306 shares during the period. Finally, Sequoia Financial Advisors LLC raised its position in shares of Fifth Third Bancorp by 4.8% in the second quarter. Sequoia Financial Advisors LLC now owns 49,334 shares of the financial services provider’s stock worth $2,781,000 after buying an additional 2,261 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

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.