Fifth Third Bancorp (NASDAQ:FITB) Receives $50.75 Average Target Price from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has received a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $50.75.

A number of analysts have commented on the company. Piper Sandler decreased their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Citigroup lifted their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $45.42 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The firm has a fifty day simple moving average of $42.84 and a two-hundred day simple moving average of $42.50. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $47.69. The firm has a market capitalization of $30.02 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The firm had revenue of $3.82 billion during the quarter. Analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.5%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the purchase, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the business. Saranac Partners Ltd bought a new position in Fifth Third Bancorp in the 3rd quarter valued at $106,000. Allworth Financial LP boosted its holdings in shares of Fifth Third Bancorp by 6.6% in the 3rd quarter. Allworth Financial LP now owns 13,037 shares of the financial services provider’s stock worth $581,000 after buying an additional 805 shares during the last quarter. Swiss Life Asset Management Ltd boosted its holdings in shares of Fifth Third Bancorp by 112.3% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 82,210 shares of the financial services provider’s stock worth $3,662,000 after buying an additional 43,487 shares during the last quarter. Cambria Investment Management L.P. bought a new position in Fifth Third Bancorp during the third quarter valued at about $9,097,000. Finally, CIBC Private Wealth Group LLC raised its position in Fifth Third Bancorp by 28.4% in the third quarter. CIBC Private Wealth Group LLC now owns 13,318 shares of the financial services provider’s stock worth $593,000 after acquiring an additional 2,944 shares during the period. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.