Fifth Third Bancorp (NASDAQ:FITB) Receives $57.19 Consensus PT from Analysts

Shares of Fifth Third Bancorp (NASDAQ:FITB) have received an average rating of “Moderate Buy” from the twenty-one brokerages that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $57.1875.

FITB has been the topic of several recent research reports. Barclays raised their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, January 21st. DA Davidson reissued a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 20th. Finally, Janney Montgomery Scott raised their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st.

Fifth Third Bancorp Trading Down 0.7%

NASDAQ FITB opened at $49.33 on Monday. 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 $36.64 and a twelve month high of $55.44. The company has a market cap of $44.71 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 1.02 and a beta of 0.94. The business’s fifty day moving average is $48.03 and its 200 day moving average is $47.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FITB. Bank of New York Mellon Corp lifted its holdings in Fifth Third Bancorp by 303.4% during the 1st quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock worth $932,904,000 after buying an additional 15,101,629 shares during the period. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Fifth Third Bancorp by 41.6% in the 4th 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. Clearbridge Investments LLC lifted its stake in shares of Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after purchasing an additional 2,574,712 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.