Brokerages Set Fifth Third Bancorp (FITB) Target Price at $31.92
Shares of Fifth Third Bancorp (NASDAQ:FITB) have earned an average recommendation of “Hold” from the twenty-four research firms that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $32.44.
A number of equities research analysts have issued reports on FITB shares. BMO Capital Markets cut their price target on Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating for the company in a research note on Monday, July 23rd. BidaskClub downgraded Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 22nd. Argus started coverage on Fifth Third Bancorp in a research note on Thursday, June 14th. They set a “buy” rating and a $36.00 price target for the company. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Monday, July 16th. Finally, Vining Sparks restated a “buy” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a research note on Thursday, July 19th.
Several large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its stake in Fifth Third Bancorp by 0.9% in the 1st quarter. Meeder Asset Management Inc. now owns 186,714 shares of the financial services provider’s stock worth $5,928,000 after purchasing an additional 1,643 shares during the period. AlphaMark Advisors LLC boosted its stake in Fifth Third Bancorp by 1.2% in the 2nd quarter. AlphaMark Advisors LLC now owns 137,778 shares of the financial services provider’s stock worth $3,954,000 after purchasing an additional 1,697 shares during the period. Janney Montgomery Scott LLC boosted its stake in Fifth Third Bancorp by 4.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 41,948 shares of the financial services provider’s stock worth $1,204,000 after purchasing an additional 1,746 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Fifth Third Bancorp by 30.0% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 7,792 shares of the financial services provider’s stock worth $247,000 after purchasing an additional 1,797 shares during the period. Finally, HRT Financial LLC boosted its stake in Fifth Third Bancorp by 21.6% in the 1st quarter. HRT Financial LLC now owns 10,140 shares of the financial services provider’s stock worth $321,000 after purchasing an additional 1,801 shares during the period. Institutional investors own 81.89% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.61 billion. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. During the same period in the previous year, the company posted $0.45 EPS. research analysts anticipate that Fifth Third Bancorp will post 2.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 16th. Investors of record on Friday, June 29th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. Fifth Third Bancorp’s payout ratio is 26.87%.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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