Fifth Third Bancorp (NASDAQ:FITB) Receives Average Rating of “Moderate Buy” from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has earned a consensus rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $48.60.

Several analysts recently commented on the company. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Piper Sandler increased their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Citigroup raised their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th.

Institutional Investors Weigh In On Fifth Third Bancorp

Several large investors have recently modified their holdings of the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp in the 2nd quarter worth about $26,000. HWG Holdings LP acquired a new position in Fifth Third Bancorp during the first quarter valued at $27,000. Activest Wealth Management boosted its stake in shares of Fifth Third Bancorp by 1,043.3% during the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares in the last quarter. Banque Transatlantique SA bought a new stake in Fifth Third Bancorp during the 1st quarter valued at approximately $27,000. Finally, Larson Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after buying an additional 357 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.3%

Shares of Fifth Third Bancorp stock opened at $45.43 on Friday. The stock’s fifty day moving average is $43.92 and its 200-day moving average is $40.40. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm has a market capitalization of $30.07 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.