Fifth Third Bancorp (NASDAQ:FITB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has received an average recommendation of “Moderate Buy” from the nineteen research firms that are currently covering the stock, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $46.75.

FITB has been the subject of a number of research reports. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Piper Sandler restated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd.

Institutional Trading of Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Boston Common Asset Management LLC increased its stake in shares of Fifth Third Bancorp by 12.4% during the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after purchasing an additional 34,203 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Fifth Third Bancorp by 15.1% during the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $9,878,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after purchasing an additional 55,081 shares in the last quarter. Finally, Smith Group Asset Management LLC purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $423,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.3 %

NASDAQ:FITB opened at $43.43 on Friday. The company has a market capitalization of $29.12 billion, a P/E ratio of 13.83, a PEG ratio of 1.44 and a beta of 1.23. The firm has a fifty day simple moving average of $43.91 and a 200-day simple moving average of $43.49. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.41%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

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.