Fifth Third Bancorp (NASDAQ:FITB) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Fifth Third Bancorp has a consensus analyst rating of “Moderate Buy”, with 16 buy ratings and 5 hold ratings across 21 brokerages. The average 1-year price target is about $57.34.
• The company recently reported strong quarterly earnings of $0.83 per share, beating estimates of $0.63, though revenue came in slightly below expectations at $2.83 billion. Analysts expect Fifth Third to post 4.1 EPS for the full fiscal year.
• Fifth Third also announced a quarterly dividend of $0.40 per share, or $1.60 annualized, which implies a 3.0% yield. The stock was trading at $53.61, near its 52-week high of $55.44.

Shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-one brokerages that are covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $57.3375.

A number of brokerages recently commented on FITB. Robert W. Baird increased their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. DA Davidson reissued a "buy" rating and set a $58.00 price target on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Wolfe Research dropped their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Evercore increased their price target on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Finally, Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company's stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Western Wealth Management LLC increased its holdings in shares of Fifth Third Bancorp by 15.5% in the 1st quarter. Western Wealth Management LLC now owns 7,565 shares of the financial services provider's stock valued at $351,000 after acquiring an additional 1,016 shares during the period. LFG Wealth Partners LLC grew its stake in Fifth Third Bancorp by 4.4% during the 1st quarter. LFG Wealth Partners LLC now owns 25,629 shares of the financial services provider's stock worth $1,191,000 after buying an additional 1,088 shares during the last quarter. Parallel Advisors LLC grew its stake in Fifth Third Bancorp by 47.4% during the 1st quarter. Parallel Advisors LLC now owns 10,000 shares of the financial services provider's stock worth $465,000 after buying an additional 3,214 shares during the last quarter. NewEdge Advisors LLC grew its stake in Fifth Third Bancorp by 16.2% during the 1st quarter. NewEdge Advisors LLC now owns 97,259 shares of the financial services provider's stock worth $4,519,000 after buying an additional 13,536 shares during the last quarter. Finally, Integrated Investment Consultants LLC purchased a new position in Fifth Third Bancorp during the 1st quarter worth $467,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $53.61 on Tuesday. The firm has a market cap of $48.59 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $50.42 and a 200-day moving average price of $49.33. Fifth Third Bancorp has a twelve month low of $39.09 and a twelve month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period in the prior year, the company earned $0.71 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 53.69%.

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.

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