Fifth Third Bancorp (NASDAQ:FITB) Receives $45.32 Average Target Price from Brokerages

by · The Cerbat Gem

Shares of Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) have been given an average rating of “Moderate Buy” by the eighteen analysts that are presently covering the firm, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $45.32.

Several brokerages have recently weighed in on FITB. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th.

View Our Latest Analysis on Fifth Third Bancorp

Fifth Third Bancorp Trading Up 0.5 %

NASDAQ FITB opened at $43.25 on Friday. The firm’s fifty day moving average price is $45.50 and its 200 day moving average price is $42.06. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the business posted $0.92 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.42%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in Fifth Third Bancorp by 1.8% during the third quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock worth $35,194,000 after acquiring an additional 14,137 shares during the last quarter. 1ST Source Bank purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter worth $211,000. Franklin Resources Inc. boosted its holdings in shares of Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after purchasing an additional 409,292 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Fifth Third Bancorp by 10.0% during the third quarter. Tidal Investments LLC now owns 24,952 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 2,265 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at $191,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

(Get Free Report

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.

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