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

Key Points

• Fifth Third Bancorp has been given a consensus rating of "Moderate Buy" by 22 research firms, with an average 12-month price target of $50.35.
• The company recently increased its quarterly dividend to $0.40 per share, which represents an annualized yield of 3.7%.
• Fifth Third Bancorp's stock has shown significant movements, including price target increases from multiple analysts, with Morgan Stanley setting a price objective as high as $60.00.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-two research firms that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $50.35.

Several equities research analysts have weighed in on FITB shares. Argus upped their target price on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. UBS Group upped their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 7th. Janney Montgomery Scott increased their price target on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an "overweight" rating in a report on Tuesday, October 7th. Finally, Truist Financial increased their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $42.92 on Thursday. The stock's fifty day moving average is $44.32 and its two-hundred day moving average is $40.79. The company has a market capitalization of $28.41 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.18 and a beta of 0.95. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.7%. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio is 49.69%.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of FITB. Evolution Wealth Management Inc. purchased a new position in Fifth Third Bancorp during the second quarter worth approximately $26,000. HWG Holdings LP purchased a new position in Fifth Third Bancorp during the first quarter worth approximately $27,000. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp during the first quarter worth approximately $27,000. Activest Wealth Management lifted its position in Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock worth $28,000 after buying an additional 626 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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