Fifth Third Bancorp (NASDAQ:FITB) Given Average Rating of “Moderate Buy” by Brokerages

Fifth Third Bancorp (NASDAQ:FITB) has been given a consensus rating of “Moderate Buy” by the eighteen analysts that are currently covering the company, MarketBeat Ratings reports. Nine 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 covered the stock in the last year is $43.62.

Several research analysts have weighed in on the company. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Evercore ISI raised their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Finally, Barclays lifted their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st.

Fifth Third Bancorp Stock Up 1.7 %

Shares of NASDAQ FITB opened at $47.90 on Monday. The stock has a market cap of $32.12 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21. Fifth Third Bancorp has a 52-week low of $26.89 and a 52-week high of $48.10. The business has a 50-day moving average price of $44.17 and a 200 day moving average price of $40.73. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.37 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after purchasing an additional 399,827 shares during the last quarter. Smead Capital Management Inc. lifted its position in Fifth Third Bancorp by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock worth $95,278,000 after buying an additional 75,024 shares during the period. Finally, Zacks Investment Management boosted its stake in Fifth Third Bancorp by 10.0% in the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock worth $74,450,000 after buying an additional 158,067 shares during 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.