Fifth Third Bancorp (NASDAQ:FITB) Receives $60.54 Consensus PT from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has been given an average recommendation of “Moderate Buy” by the twenty-three brokerages that are covering the firm, MarketBeat Ratings reports. Five investment 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 1-year target price among brokers that have covered the stock in the last year is $60.5357.

FITB has been the topic of a number of analyst reports. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Bank of America upped their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Stephens initiated coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective on the stock. Truist Financial raised their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. D.A. Davidson & CO. boosted its holdings in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after purchasing an additional 20,862 shares in the last quarter. Keybank National Association OH increased its position in Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after purchasing an additional 21,365 shares during the period. Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after buying an additional 96,656 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $1,514,000. Finally, Fruth Investment Management lifted its holdings in shares of Fifth Third Bancorp by 335.2% in the 1st quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after buying an additional 20,957 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $57.30 on Wednesday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm’s fifty day simple moving average is $56.47 and its 200-day simple moving average is $51.88. The firm has a market capitalization of $51.96 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 1.09 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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 firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the firm posted $0.88 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is currently 54.61%.

Fifth Third Bancorp Company Profile

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.