Fifth Third Bancorp (NASDAQ:FITB) to Issue $0.40 Quarterly Dividend

Fifth Third Bancorp (NASDAQ:FITB) announced a quarterly dividend on Tuesday, March 17th. Shareholders of record on Tuesday, March 31st will be paid a dividend of 0.40 per share by the financial services provider on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, March 31st.

Fifth Third Bancorp has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Fifth Third Bancorp has a payout ratio of 40.0% indicating that its dividend is sufficiently covered by earnings. Research 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 $1.60 annual dividend with an expected future payout ratio of 38.9%.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.22 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $50.25 and its two-hundred day moving average is $46.58. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The firm has a market capitalization of $40.04 billion, a PE ratio of 12.49, a P/E/G ratio of 0.89 and a beta of 0.96.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. DA Davidson raised their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, January 26th. UBS Group restated a “buy” rating and set a $59.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, February 4th. Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st. Finally, Weiss Ratings upgraded shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.99.

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.