Fifth Third Bancorp (NASDAQ:FITB) Receives $60.54 Average Price Target from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has been assigned an average rating of “Moderate Buy” from the twenty-three research firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $60.5357.

A number of research firms recently issued reports on FITB. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, JPMorgan Chase & Co. boosted their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th.

Fifth Third Bancorp Stock Down 0.0%

Shares of Fifth Third Bancorp stock opened at $58.05 on Wednesday. The stock has a market capitalization of $52.65 billion, a P/E ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a 50 day moving average price of $56.27 and a two-hundred day moving average price of $51.78. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50.

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

Fifth Third Bancorp Dividend Announcement

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

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds have recently modified their holdings of the business. Caisse de depot et placement du Quebec acquired a new stake in shares of Fifth Third Bancorp in the second quarter worth $103,730,000. Man Group plc bought a new position in Fifth Third Bancorp during the second quarter worth $10,210,000. Jupiter Topco LLC acquired a new position in Fifth Third Bancorp during the 2nd quarter valued at $5,480,000. Ancora Advisors LLC bought a new stake in Fifth Third Bancorp in the 2nd quarter valued at $777,000. Finally, Canada Pension Plan Investment Board bought a new stake in Fifth Third Bancorp in the 2nd quarter valued at $35,874,000. 83.79% of the stock is owned by institutional investors.

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.