Fifth Third Bancorp (NASDAQ:FITB) Receives $45.32 Consensus Price Target from Brokerages

Fifth Third Bancorp (NASDAQ:FITB) has earned a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $45.32.

FITB has been the topic of a number of analyst reports. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup upped their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Barclays lifted their price objective on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Piper Sandler upped their target price 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. Finally, StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its position in shares of Fifth Third Bancorp by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock worth $35,194,000 after acquiring an additional 14,137 shares in the last quarter. 1ST Source Bank bought a new stake in Fifth Third Bancorp during the third quarter worth $211,000. Franklin Resources Inc. boosted its holdings in shares of Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after purchasing an additional 409,292 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Fifth Third Bancorp by 10.0% in the 3rd quarter. Tidal Investments LLC now owns 24,952 shares of the financial services provider’s stock valued at $1,069,000 after purchasing an additional 2,265 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth $191,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.6 %

Fifth Third Bancorp stock opened at $42.93 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The company has a fifty day simple moving average of $45.64 and a 200 day simple moving average of $41.91. The company has a market cap of $28.79 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the business earned $0.92 EPS. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.45%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 49.17%.

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.