Fifth Third Bancorp (FITB) – What Are Investment Firms Saying About This Stock?

Shares of Fifth Third Bancorp (NASDAQ:FITB) have received a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $60.87.

FITB has been the subject of a number of research analyst reports. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday, October 21st. Truist Financial cut their price target on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 price target for the company. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, DA Davidson boosted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the sale, the executive vice president directly owned 121,460 shares in the company, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $1,324,903,000. Bank of America Corp DE purchased a new position in Fifth Third Bancorp during the second quarter valued at $995,717,000. Legal & General Group Plc acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $314,122,000. Wellington Management Group LLP increased its stake in shares of Fifth Third Bancorp by 20.2% during the second 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 in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $145,232,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $53.88 on Monday. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $48.86 billion, a P/E ratio of 18.08, a P/E/G ratio of 1.09 and a beta of 0.97. The business has a fifty day simple moving average of $52.75 and a two-hundred day simple moving average of $52.02.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The firm’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.42 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio is presently 57.53%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.