Fifth Third Bancorp (NASDAQ:FITB) Receives $52.15 Average Target Price from Brokerages

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been given an average rating of “Moderate Buy” by the twenty-two brokerages that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $52.15.

FITB has been the subject of a number of research reports. Jefferies Financial Group upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Janney Montgomery Scott increased their target price on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada boosted their price target on Fifth Third Bancorp from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Finally, Citigroup upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Evan Bayh bought 3,000 shares of the stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently made changes to their positions in FITB. Norges Bank acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $357,440,000. Invesco Ltd. lifted its position in shares of Fifth Third Bancorp by 16.6% during the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the last quarter. Bank of America Corp DE grew its stake in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after purchasing an additional 2,293,939 shares in the last quarter. Capital World Investors increased its holdings in Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after buying an additional 1,803,861 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 1.6% in the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after buying an additional 1,301,624 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 1.9%

NASDAQ FITB opened at $47.71 on Tuesday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $48.71. The company’s 50 day moving average price is $44.67 and its 200 day moving average price is $43.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $31.54 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 0.86 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $3.82 billion during the quarter. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.76%.

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.