Fifth Third Bancorp (NASDAQ:FITB) Given Average Recommendation of “Moderate Buy” by Analysts

Fifth Third Bancorp (NASDAQ:FITB) has been given a consensus recommendation of “Moderate Buy” by the twenty-one research firms that are covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $57.7375.

FITB has been the subject of several research analyst reports. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Robert W. Baird lifted their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Piper Sandler restated an “overweight” rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th.

Insider Buying and Selling

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of FITB. Bahl & Gaynor Inc. raised its holdings in Fifth Third Bancorp by 18.0% in the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after purchasing an additional 24,566 shares in the last quarter. Nordea Investment Management AB raised its holdings in Fifth Third Bancorp by 3.2% in the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after purchasing an additional 39,261 shares in the last quarter. Robinhood Asset Management LLC bought a new position in Fifth Third Bancorp in the fourth quarter worth about $8,529,000. Westfield Capital Management Co. LP raised its holdings in Fifth Third Bancorp by 26.6% in the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after purchasing an additional 340,030 shares in the last quarter. Finally, Barclays PLC raised its holdings in Fifth Third Bancorp by 27.0% in the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock worth $175,850,000 after purchasing an additional 840,094 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.1%

NASDAQ:FITB opened at $56.47 on Tuesday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $56.77. The company has a market cap of $51.18 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The stock has a fifty day simple moving average of $50.90 and a 200-day simple moving average of $49.59. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the company earned $0.71 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

About Fifth Third Bancorp

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.