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

Fifth Third Bancorp (NASDAQ:FITB) has been assigned an average recommendation of “Moderate Buy” from the twenty-three ratings firms that are presently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, seventeen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $60.5357.

Several brokerages recently weighed in on FITB. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Citigroup boosted their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Truist Financial increased their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective on the stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $54.50 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company’s fifty day moving average price is $56.55 and its 200-day moving average price is $52.04. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a market capitalization of $49.42 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 for the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 earnings per share. On average, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 8.0% in the second quarter. NewEdge Advisors LLC now owns 105,051 shares of the financial services provider’s stock worth $5,922,000 after purchasing an additional 7,792 shares during the last quarter. IFP Advisors Inc boosted its position in Fifth Third Bancorp by 5.4% in the 2nd quarter. IFP Advisors Inc now owns 5,622 shares of the financial services provider’s stock valued at $317,000 after buying an additional 287 shares during the period. Baird Financial Group Inc. grew its stake in Fifth Third Bancorp by 1.3% in the 2nd quarter. Baird Financial Group Inc. now owns 827,325 shares of the financial services provider’s stock worth $46,636,000 after acquiring an additional 10,912 shares in the last quarter. Arizona State Retirement System grew its stake in Fifth Third Bancorp by 6.3% in the 2nd quarter. Arizona State Retirement System now owns 259,636 shares of the financial services provider’s stock worth $14,636,000 after acquiring an additional 15,313 shares in the last quarter. Finally, Bank OZK purchased a new position in shares of Fifth Third Bancorp during the second quarter worth approximately $343,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.