Fifth Third Bancorp (NASDAQ:FITB) Given Consensus Rating of “Moderate Buy” by Brokerages

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

Several research analysts have recently issued reports on the company. Citigroup upped their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. raised their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Royal Bank Of Canada upped their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Finally, Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its position in shares of Fifth Third Bancorp by 6,090.8% during the 2nd quarter. California State Teachers Retirement System now owns 79,618,735 shares of the financial services provider’s stock worth $4,488,108,000 after purchasing an additional 78,332,647 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Capital World Investors boosted its holdings in Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after buying an additional 1,719,361 shares in the last quarter. State Street Corp boosted its holdings in Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after buying an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after buying an additional 530,489 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.6%

FITB opened at $54.74 on Friday. The stock has a market capitalization of $49.65 billion, a PE ratio of 18.37, a P/E/G ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a one year low of $40.04 and a one year 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. The business’s 50 day moving average price is $56.38 and its 200 day moving average price is $52.08.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates 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 earnings per share. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.