Fifth Third Bancorp (NASDAQ:FITB) Stock Has Average Price Target of $61.20 According to Analysts

Shares of Fifth Third Bancorp (NASDAQ:FITB) have received an average rating of “Moderate Buy” from the twenty-three brokerages that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $61.01.

A number of analysts have weighed in on FITB shares. Citigroup raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and increased their target price for the company from $59.00 to $62.00 in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. lowered their target price on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial dropped their target price on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Morgan Stanley boosted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. CX Institutional increased its stake in Fifth Third Bancorp by 2.7% during the 3rd quarter. CX Institutional now owns 20,007 shares of the financial services provider’s stock valued at $1,012,000 after purchasing an additional 518 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Fifth Third Bancorp by 15.1% in the 2nd quarter. QRG Capital Management Inc. now owns 37,424 shares of the financial services provider’s stock worth $2,110,000 after acquiring an additional 4,911 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Fifth Third Bancorp by 115.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 35,927 shares of the financial services provider’s stock valued at $2,025,000 after acquiring an additional 19,253 shares in the last quarter. Security National Bank of SO Dak bought a new position in Fifth Third Bancorp in the 2nd quarter valued at about $25,000. Finally, Junto Capital Management LP boosted its stake in Fifth Third Bancorp by 85.2% during the 2nd quarter. Junto Capital Management LP now owns 1,094,284 shares of the financial services provider’s stock valued at $61,685,000 after purchasing an additional 503,306 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.0%

Shares of NASDAQ FITB opened at $50.90 on Thursday. The firm has a 50 day moving average price of $54.81 and a two-hundred day moving average price of $52.49. The stock has a market cap of $46.16 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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). The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. As a group, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.42 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.3%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.34%.

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.