Analysts Set Fifth Third Bancorp (NASDAQ:FITB) PT at $60.54

Fifth Third Bancorp (NASDAQ:FITB) has received an average rating of “Moderate Buy” from the twenty-three brokerages that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $60.5357.

FITB has been the topic of several analyst reports. Stephens began coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Bank of America raised their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Royal Bank Of Canada boosted their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Finally, Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $58.05 on Wednesday. The stock has a market capitalization of $52.65 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. The business has a 50-day moving average of $56.27 and a 200-day moving average of $51.77. 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 has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Institutional Trading of Fifth Third Bancorp

A number of large investors have recently modified their holdings of FITB. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at about $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $25,000. SouthState Bank Corp boosted its stake in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. 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.