Fifth Third Bancorp (NASDAQ:FITB) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Fifth Third Bancorp, with 17 buy ratings, five holds and one strong-buy rating. The average 12-month price target is $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, exceeding estimates, though earnings per share of $0.83 fell just short of the $0.84 consensus. The stock opened at $57.59 and recently traded near its 52-week high.
• The company declared a quarterly dividend of $0.40 per share, equivalent to $1.60 annually and a 2.8% yield. Institutional investors own approximately 83.8% of FITB’s outstanding shares.

Shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) have been given an average rating of "Moderate Buy" by the twenty-three brokerages that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $60.5357.

FITB has been the subject of several recent analyst reports. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Bank of America boosted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Barclays upped their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 6th.

Fifth Third Bancorp Stock Up 0.8%

FITB stock opened at $57.59 on Wednesday. The firm has a market cap of $52.22 billion, a PE ratio of 19.32, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a fifty day simple moving average of $55.86 and a 200 day simple moving average of $51.63. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for 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 company's quarterly revenue was up 45.8% compared to the same quarter last year. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 54.61%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Burnham & Co LLC bought a new stake in Fifth Third Bancorp during the second quarter valued at about $564,000. Callan Family Office LLC acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $5,847,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $63,000. Patron Partners LLC bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $1,087,000. Finally, Allworth Financial LP bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $1,852,000. Institutional investors and hedge funds own 83.79% of the company's stock.

About Fifth Third Bancorp

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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