Fifth Third Bancorp (NASDAQ:FITB) Receives $45.92 Average Target Price from Brokerages

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been given an average recommendation of “Moderate Buy” by the nineteen research firms that are currently covering the stock, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $45.92.

Several analysts recently commented on FITB shares. Evercore ISI raised their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Truist Financial started coverage on shares of Fifth Third Bancorp in a research note on Tuesday, January 7th. They set a “buy” rating and a $51.00 price objective on the stock. Barclays increased their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Piper Sandler increased their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd.

Fifth Third Bancorp Stock Up 2.5 %

FITB stock opened at $44.34 on Tuesday. The stock has a market cap of $29.73 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. The firm’s 50-day simple moving average is $45.02 and its 200 day simple moving average is $42.82. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Transactions at Fifth Third Bancorp

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

Institutional Trading of Fifth Third Bancorp

A number of hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth about $384,000. Choreo LLC purchased a new stake in shares of Fifth Third Bancorp in the second quarter worth approximately $498,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Fifth Third Bancorp by 0.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 147,590 shares of the financial services provider’s stock worth $5,196,000 after purchasing an additional 698 shares during the period. Envestnet Asset Management Inc. grew its position in Fifth Third Bancorp by 3.4% during the second quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock valued at $62,096,000 after purchasing an additional 56,298 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $345,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.