Analysts Set Fifth Third Bancorp (NASDAQ:FITB) Target Price at $47.53

Shares of Fifth Third Bancorp (NASDAQ:FITB) have earned a consensus recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $47.53.

A number of equities research analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 target price for the company. Cowen assumed coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Keefe, Bruyette & Woods decreased their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Stephens reiterated an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $38.11 on Friday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market capitalization of $25.44 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.32 and a beta of 0.90. The stock has a 50 day moving average price of $37.18 and a 200 day moving average price of $40.49.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period last year, the company earned $0.70 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.88%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at about $28,000. Quarry LP purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at about $29,000. HWG Holdings LP purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at about $27,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at about $29,000. Finally, Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at about $27,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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.