Fifth Third Bancorp (NASDAQ:FITB) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Fifth Third Bancorp has a “Moderate Buy” consensus rating from 23 analysts, including 17 buys, five holds and one strong buy. The average 12-month price target is $60.54, above the reported $54.93 share price.
• The bank reported quarterly EPS of $0.83, slightly below the $0.84 consensus, while revenue reached $3.26 billion—up 45.8% year over year and above estimates. Analysts expect approximately $4.10 in earnings per share for the full fiscal year.
• Fifth Third pays a quarterly dividend of $0.40, or $1.60 annually, representing a 2.9% yield and a 54.61% payout ratio. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty-three research firms that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $60.5357.

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada lifted their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a report on Monday, July 20th. Finally, Truist Financial boosted their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th.

Fifth Third Bancorp Stock Down 0.1%

Shares of NASDAQ FITB opened at $54.93 on Friday. 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 52 week low of $40.04 and a 52 week high of $59.50. The stock has a market capitalization of $49.82 billion, a P/E ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.89. The stock's fifty day moving average is $56.63 and its 200 day moving average is $52.03.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Fifth Third Bancorp's quarterly revenue was up 45.8% compared to the same quarter last year. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 54.61%.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds have recently added to or reduced their stakes in FITB. California State Teachers Retirement System raised its position in Fifth Third Bancorp by 6,090.8% during the 2nd quarter. California State Teachers Retirement System now owns 79,618,735 shares of the financial services provider's stock worth $4,488,108,000 after purchasing an additional 78,332,647 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after buying an additional 10,444,799 shares during the last quarter. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock valued at $1,523,650,000 after buying an additional 1,719,361 shares during the period. State Street Corp increased its stake in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider's stock valued at $1,484,021,000 after buying an additional 101,245 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider's stock worth $1,120,586,000 after acquiring an additional 530,489 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.

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