Fifth Third Bancorp (NASDAQ:FITB) Stock Has Consensus Price Target of $60.77 According to Analysts

Key Points

• Analysts remain broadly positive: Fifth Third Bancorp has a “Moderate Buy” consensus from 23 brokerages, with an average 12-month price target of $60.77 versus its reported share price of $53.05.
• Quarterly earnings exceeded expectations: The bank reported $1.13 in earnings per share, beating the $0.86 consensus estimate, while revenue reached $3.28 billion and increased 42.4% year over year.
• Dividend increased: Fifth Third raised its quarterly dividend from $0.40 to $0.42 per share, equivalent to an annualized dividend of $1.68 and a 3.2% yield.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) has been given a consensus rating of "Moderate Buy" by the twenty-three brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, nineteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $60.77.

Several equities analysts have weighed in on the stock. Citigroup raised their target price on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a report on Thursday. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. UBS Group lowered their price target on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Finally, JPMorgan Chase & Co. cut their price objective on Fifth Third Bancorp from $62.00 to $58.00 and set an "overweight" rating for the company in a research report on Friday, October 2nd.

Fifth Third Bancorp Stock Up 0.1%

FITB opened at $53.05 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $48.11 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50. The business's fifty day moving average is $52.96 and its two-hundred day moving average is $53.14.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business's revenue for the quarter was up 42.4% on a year-over-year basis. During the same quarter last year, the business posted $0.91 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's payout ratio is currently 57.53%.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the stock. D.A. Davidson & CO. grew its holdings in shares of Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider's stock worth $2,359,000 after buying an additional 20,862 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $995,717,000. Keybank National Association OH lifted its stake in shares of Fifth Third Bancorp by 33.2% during the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock valued at $3,985,000 after buying an additional 21,365 shares during the period. Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $4,222,000. Finally, Saudi Central Bank boosted its position in Fifth Third Bancorp by 91.0% during the second quarter. Saudi Central Bank now owns 63,390 shares of the financial services provider's stock worth $3,573,000 after acquiring an additional 30,201 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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