Fifth Third Bancorp (NASDAQ:FITB) Stock Has Consensus Target Price of $61.20

Fifth Third Bancorp (NASDAQ:FITB) has earned a consensus recommendation of “Moderate Buy” from the twenty-three ratings firms that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $60.92.

FITB has been the subject of several research analyst reports. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a report on Monday, July 6th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. UBS Group set a $63.00 target price on Fifth Third Bancorp in a research note on Monday. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. dropped their price target on Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Friday.

Fifth Third Bancorp Stock Down 0.1%

Fifth Third Bancorp stock opened at $50.84 on Thursday. The firm has a market capitalization of $46.11 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.09 and a beta of 0.97. The company’s 50 day simple moving average is $54.69 and its 200 day simple moving average is $52.60. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 EPS. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.34%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its holdings in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. Invesco Ltd. increased its holdings in Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after purchasing an additional 2,574,712 shares in the last quarter. Wellington Management Group LLP increased its holdings in Fifth Third Bancorp by 20.2% during the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after purchasing an additional 3,972,795 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $1,324,903,000. Finally, Bank of America Corp DE acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.