Fifth Third Bancorp (NASDAQ:FITB) Receives $46.24 Consensus Price Target from Brokerages

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eighteen analysts that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $46.24.

FITB has been the subject of several research analyst reports. Citigroup lowered their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Piper Sandler restated an "overweight" rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Baird R W upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Truist Financial lowered their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $0.42 during mid-day trading on Thursday, reaching $36.16. 3,618,434 shares of the stock traded hands, compared to its average volume of 4,483,635. The firm has a fifty day moving average price of $37.93 and a 200 day moving average price of $42.30. The company has a market cap of $24.16 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the business earned $0.70 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's payout ratio is currently 46.98%.

Insider Activity

In related news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company's stock.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $371,836,000. PL Capital Advisors LLC increased its position in Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock worth $78,654,000 after buying an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $53,508,000. GAMMA Investing LLC increased its position in Fifth Third Bancorp by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after buying an additional 1,175,834 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after buying an additional 1,027,044 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

About Fifth Third Bancorp

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.