Fifth Third Bancorp (NASDAQ:FITB) Stock Has Average Target Price of $61.20 According to Analysts

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been assigned an average rating of “Moderate Buy” from the twenty-three brokerages that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $60.92.

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. UBS Group cut their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a report on Monday. Stephens decreased their target price on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 22nd. Evercore set a $60.00 target price on Fifth Third Bancorp in a report on Monday, July 6th. Finally, Citigroup upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $59.00 to $62.00 in a research report on Tuesday, September 22nd.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $50.12 on Thursday. The stock has a market capitalization of $45.45 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The business’s fifty day moving average price is $54.42 and its 200 day moving average price is $52.69. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.34%.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors increased its holdings in shares of Fifth Third Bancorp by 5.6% in the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. Invesco Ltd. boosted its stake in Fifth Third Bancorp by 12.1% during 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. Wellington Management Group LLP grew its position in Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after purchasing an additional 3,972,795 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $1,324,903,000. Finally, Bank of America Corp DE acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $995,717,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.