Fifth Third Bancorp (NASDAQ:FITB) to Issue $0.37 Quarterly Dividend

Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Thursday, June 12th, RTT News reports. Stockholders of record on Monday, June 30th will be given a dividend of 0.37 per share by the financial services provider on Tuesday, July 15th. This represents a $1.48 annualized dividend and a dividend yield of 3.80%.

Fifth Third Bancorp has a payout ratio of 37.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Fifth Third Bancorp to earn $4.11 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 36.0%.

Fifth Third Bancorp Trading Down 0.4%

NASDAQ FITB opened at $38.98 on Friday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a 50-day simple moving average of $36.94 and a 200-day simple moving average of $40.75. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $26.02 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the previous year, the firm earned $0.70 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Analysts Set New Price Targets

FITB has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday. Morgan Stanley decreased their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price for the company in a research report on Monday, April 7th. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.53.

Institutional Investors Weigh In On Fifth Third Bancorp

A hedge fund recently raised its stake in Fifth Third Bancorp stock. Woodline Partners LP boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 40.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 56,592 shares of the financial services provider’s stock after acquiring an additional 16,323 shares during the quarter. Woodline Partners LP’s holdings in Fifth Third Bancorp were worth $2,218,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.