Analysts Set Fifth Third Bancorp (NASDAQ:FITB) PT at $56.41

Fifth Third Bancorp (NASDAQ:FITB) has been given an average rating of “Moderate Buy” by the twenty brokerages that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and seventeen have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $56.4125.

Several research firms recently weighed in on FITB. UBS Group restated a “buy” rating and set a $59.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Janney Montgomery Scott boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research note on Wednesday, January 21st. TD Cowen reiterated a “buy” rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Wolfe Research dropped their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Finally, Truist Financial dropped their target price on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, March 13th.

Fifth Third Bancorp Stock Up 1.1%

Fifth Third Bancorp stock opened at $49.84 on Thursday. Fifth Third Bancorp has a fifty-two week low of $32.79 and a fifty-two week high of $55.44. The stock has a market cap of $45.13 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.01 and a beta of 0.95. The firm’s 50-day simple moving average is $48.98 and its 200 day simple moving average is $46.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Empowered Funds LLC boosted its stake in Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after buying an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its stake in shares of Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after buying an additional 484 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its stake in shares of Fifth Third Bancorp by 1.2% during the 2nd quarter. Cresset Asset Management LLC now owns 33,858 shares of the financial services provider’s stock valued at $1,405,000 after buying an additional 413 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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.