Fifth Third Bancorp (NASDAQ:FITB) Research Coverage Started at TD Cowen

TD Cowen began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note published on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $60.00 target price on the financial services provider’s stock.

Several other research analysts have also issued reports on FITB. JPMorgan Chase & Co. reduced their target price on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. DA Davidson increased their price target 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. Royal Bank Of Canada increased 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, Evercore set a $60.00 target price on Fifth Third Bancorp in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.92.

Fifth Third Bancorp Trading Down 0.3%

FITB stock opened at $50.56 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company has a market cap of $45.86 billion, a P/E ratio of 16.97, a PEG ratio of 1.09 and a beta of 0.97. The business has a fifty day moving average of $54.18 and a 200-day moving average of $52.72.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm 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 was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.42 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is 57.34%.

Institutional Trading of Fifth Third Bancorp

A number of large investors have recently made changes to their positions in the company. Castleview Partners LLC raised its stake in Fifth Third Bancorp by 12.8% during the 3rd quarter. Castleview Partners LLC now owns 10,441 shares of the financial services provider’s stock worth $528,000 after buying an additional 1,187 shares during the period. Wedmont Private Capital grew its stake in Fifth Third Bancorp by 3.2% in the third quarter. Wedmont Private Capital now owns 27,678 shares of the financial services provider’s stock valued at $1,403,000 after acquiring an additional 853 shares during the period. GAMMA Investing LLC grew its stake in Fifth Third Bancorp by 2.8% in the third quarter. GAMMA Investing LLC now owns 56,732 shares of the financial services provider’s stock valued at $2,870,000 after acquiring an additional 1,547 shares during the period. Farther Finance Advisors LLC increased its stake in Fifth Third Bancorp by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 57,456 shares of the financial services provider’s stock worth $2,906,000 after purchasing an additional 6,052 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in Fifth Third Bancorp by 66.6% during the 3rd quarter. CoreCap Advisors LLC now owns 41,021 shares of the financial services provider’s stock worth $2,075,000 after buying an additional 16,400 shares during the period. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.