Fifth Third Bancorp (NASDAQ:FITB) Receives $57.34 Average PT from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has been assigned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $57.7375.

FITB has been the topic of a number of research reports. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Barclays upped their price target on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Robert W. Baird upped their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Stephens assumed coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective for the company. Finally, Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th.

Fifth Third Bancorp Stock Up 2.8%

Fifth Third Bancorp stock opened at $56.48 on Tuesday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $56.59. The firm has a market capitalization of $51.19 billion, a PE ratio of 18.95, a P/E/G ratio of 1.09 and a beta of 0.92. The company’s 50-day moving average is $50.76 and its 200-day moving average is $49.54. 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 announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the business earned $0.71 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Buying and Selling

In other news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Bank of New York Mellon Corp lifted its holdings in shares of Fifth Third Bancorp by 303.4% during the 1st quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock worth $932,904,000 after acquiring an additional 15,101,629 shares during the period. Norges Bank bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD lifted its stake in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after purchasing an additional 2,574,712 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.