Fifth Third Bancorp (NASDAQ:FITB) Stock Has Average Price Target of $61.20 According to Analysts

Key Points

• Analysts rate Fifth Third Bancorp “Moderate Buy,” with 18 buy ratings, four holds and one strong buy; the average 12-month price target is $61.20 versus a recent share price of $50.66.
• The bank reported quarterly EPS of $0.83, slightly below the $0.84 consensus, while revenue reached $3.26 billion and rose 45.8% year over year.
• Fifth Third increased its quarterly dividend from $0.40 to $0.42 per share, equivalent to a $1.68 annualized payout and a 3.3% yield.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) has earned an average rating of "Moderate Buy" from the twenty-three brokerages that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $61.20.

A number of analysts recently issued reports on the stock. Robert W. Baird lifted their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Stephens dropped their target price on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an "equal weight" rating for the company in a research report on Tuesday, September 22nd. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Finally, Jefferies Financial Group reduced their price target on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday, September 24th.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $50.66 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The business has a 50 day moving average price of $55.08 and a two-hundred day moving average price of $52.45. The firm has a market cap of $45.94 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The business's revenue for the quarter was up 45.8% on a year-over-year basis. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.42 dividend. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 57.34%.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Basecamp Wealth Advisors LLC lifted its position in shares of Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock worth $180,000 after buying an additional 201 shares during the last quarter. Legacy Wealth Managment LLC ID raised its stake in Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after acquiring an additional 212 shares during the period. Foster & Motley Inc. raised its stake in Fifth Third Bancorp by 1.4% during the first quarter. Foster & Motley Inc. now owns 16,298 shares of the financial services provider's stock worth $757,000 after acquiring an additional 226 shares during the period. SouthState Bank Corp lifted its holdings 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 purchasing an additional 236 shares during the last quarter. Finally, Archer Investment Corp increased its position in Fifth Third Bancorp by 22.9% in the first quarter. Archer Investment Corp now owns 1,540 shares of the financial services provider's stock worth $72,000 after buying an additional 287 shares during the period. Institutional investors and hedge funds 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.

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