Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $62.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price increased by JPMorgan Chase & Co. from $61.00 to $62.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also weighed in on FITB. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. UBS Group upped their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Citigroup boosted their price target on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Trading Down 0.1%

Fifth Third Bancorp stock opened at $56.55 on Wednesday. The firm has a market cap of $51.25 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The firm’s 50 day moving average price is $54.80 and its two-hundred day moving average price is $51.23. 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 (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the business earned $0.88 earnings per share. The business’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp grew its stake in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $30,000. Finally, Reflection Asset Management purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $30,000. Institutional investors own 83.79% of the company’s stock.

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.