Analysts Set Fifth Third Bancorp (NASDAQ:FITB) PT at $40.56

Shares of Fifth Third Bancorp (NASDAQ:FITB) have been given an average rating of “Moderate Buy” by the seventeen brokerages that are presently covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $40.56.

FITB has been the topic of several recent research reports. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Bank of America raised their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Evercore ISI cut their target price on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 25th. Stephens restated an “equal weight” rating and issued a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, Royal Bank of Canada boosted their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock valued at $2,269,920 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Heritage Wealth Management Inc. bought a new stake in Fifth Third Bancorp during the second quarter valued at about $593,000. Sanctuary Advisors LLC purchased a new stake in shares of Fifth Third Bancorp during the second quarter valued at about $3,857,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $79,000. KPP Advisory Services LLC grew its position in shares of Fifth Third Bancorp by 46.9% in the 2nd quarter. KPP Advisory Services LLC now owns 15,654 shares of the financial services provider’s stock worth $571,000 after buying an additional 5,000 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Fifth Third Bancorp by 14.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 755,200 shares of the financial services provider’s stock worth $27,557,000 after acquiring an additional 94,369 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $42.07 on Wednesday. The firm has a market cap of $28.47 billion, a PE ratio of 13.36, a PEG ratio of 1.93 and a beta of 1.22. The stock has a 50 day moving average of $40.60 and a 200 day moving average of $37.85. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the prior year, the company posted $0.87 earnings per share. On average, research analysts expect that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.52%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is 44.44%.

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.