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

Fifth Third Bancorp (NASDAQ:FITB) has received an average rating of “Moderate Buy” from the twenty-three ratings firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $60.87.

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Truist Financial cut their target price 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. UBS Group reduced their price target on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a report on Monday, October 5th. Bank of America lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Wolfe Research began coverage on Fifth Third Bancorp in a report on Tuesday, October 27th. They set an “outperform” rating on the stock.

Fifth Third Bancorp Stock Up 0.0%

FITB stock opened at $53.88 on Monday. The stock has a market capitalization of $48.86 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a fifty day moving average of $52.75 and a 200-day moving average of $52.02. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s revenue was up 42.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.91 earnings per share. As a group, analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 57.53%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’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 approximately $6,454,384.40. The trade was a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth about $25,000. Security National Bank of SO Dak acquired a new position in Fifth Third Bancorp during the second quarter worth about $25,000. Essential Investment Partners LLC purchased a new position in Fifth Third Bancorp in the third quarter valued at about $25,000. SouthState Bank Corp increased its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Finally, Clearstead Trust LLC purchased a new position in Fifth Third Bancorp in the second quarter valued at about $29,000. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.