Fifth Third Bancorp (NASDAQ:FITB) Receives $45.32 Consensus Target Price from Brokerages

Fifth Third Bancorp (NASDAQ:FITB) has earned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $45.32.

FITB has been the topic of a number of recent research reports. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Piper Sandler boosted their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd.

Insiders Place Their Bets

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its stake in shares of Fifth Third Bancorp by 3.8% during the second quarter. Assenagon Asset Management S.A. now owns 19,965 shares of the financial services provider’s stock valued at $729,000 after purchasing an additional 733 shares in the last quarter. Blue Trust Inc. boosted its position in Fifth Third Bancorp by 130.6% during the 2nd quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 914 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Fifth Third Bancorp by 5.9% in the 2nd quarter. Raymond James & Associates now owns 661,981 shares of the financial services provider’s stock valued at $24,156,000 after acquiring an additional 36,838 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $227,000. Finally, Premier Path Wealth Partners LLC boosted its position in Fifth Third Bancorp by 10.0% during the second quarter. Premier Path Wealth Partners LLC now owns 8,077 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 733 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Up 0.3 %

Shares of Fifth Third Bancorp stock opened at $43.04 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a market cap of $28.86 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 2.19 and a beta of 1.22. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The business has a 50-day moving average price of $45.61 and a 200-day moving average price of $42.00.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp’s payout ratio is 49.17%.

Fifth Third Bancorp Company Profile

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.