Fifth Third Bancorp (FITB) Receives $20.85 Average Target Price from Analysts
Shares of Fifth Third Bancorp (NASDAQ:FITB) have received a consensus recommendation of “Hold” from the thirty-three brokerages that are covering the stock. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $20.85.
Several brokerages have weighed in on FITB. Jefferies Group reissued a “buy” rating and issued a $19.50 price target on shares of Fifth Third Bancorp in a report on Thursday, July 7th. Credit Agricole SA raised their price target on Fifth Third Bancorp from $19.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, September 23rd. Nomura reissued a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 9th. Rafferty Capital Markets raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Friday, September 16th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $19.00 price target (down previously from $20.00) on shares of Fifth Third Bancorp in a report on Wednesday, July 6th.
A number of hedge funds have recently made changes to their positions in FITB. Global X Management Co. LLC increased its stake in shares of Fifth Third Bancorp by 117.7% in the second quarter. Global X Management Co. LLC now owns 6,234 shares of the financial services provider’s stock valued at $110,000 after buying an additional 3,371 shares during the period. Acrospire Investment Management LLC bought a new position in Fifth Third Bancorp during the first quarter worth $112,000. Advisory Services Network LLC increased its position in Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock worth $112,000 after buying an additional 3,857 shares during the period. Duncker Streett & Co. Inc. increased its position in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,419 shares of the financial services provider’s stock worth $113,000 after buying an additional 20 shares during the period. Finally, Atria Investments LLC bought a new position in Fifth Third Bancorp during the second quarter worth $179,000. 79.73% of the stock is currently owned by institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 19.74 on Tuesday. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $21.14. The stock has a market capitalization of $15.13 billion, a price-to-earnings ratio of 9.62 and a beta of 1.33. The company has a 50-day moving average of $20.33 and a 200 day moving average of $18.69.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same period in the prior year, the firm earned $0.36 earnings per share. Analysts predict that Fifth Third Bancorp will post $1.60 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Wednesday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 25.49%.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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