Brokerages Set Fifth Third Bancorp (NASDAQ:FITB) Target Price at $57.19

Fifth Third Bancorp (NASDAQ:FITB) has received an average rating of “Moderate Buy” from the twenty-one research firms that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $57.1875.

Several research firms have weighed in on FITB. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Barclays upped their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Finally, TD Cowen reiterated a “buy” rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd.

Insider Activity at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth $25,000. Westside Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares during the last quarter. SouthState Bank Corp increased its stake in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Harbor Investment Advisory LLC increased its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares during the last quarter. Finally, Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 3.6%

Shares of NASDAQ:FITB opened at $50.31 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $45.60 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92. Fifth Third Bancorp has a 52 week low of $37.81 and a 52 week high of $55.44. The firm has a 50 day simple moving average of $48.63 and a 200 day simple moving average of $48.28.

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

Fifth Third Bancorp Announces Dividend

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

Fifth Third Bancorp Company Profile

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.