Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) announced its quarterly earnings results on Monday. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08, Briefing.com reports. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. During the same period last year, the business posted $0.91 EPS. The company’s revenue was up 42.4% compared to the same quarter last year.
Fifth Third Bancorp Stock Up 0.1%
NASDAQ FITB opened at $50.44 on Monday. The firm has a market cap of $45.74 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a one year low of $40.65 and a one year high of $59.50. The stock’s 50 day simple moving average is $53.49 and its 200 day simple moving average is $52.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.
Fifth Third Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.42 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp’s dividend payout ratio is currently 57.34%.
Analysts Set New Price Targets
Several research firms have issued reports on FITB. Stephens dropped their price objective on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 22nd. Bank of America boosted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Truist Financial dropped their target price on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.92.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.
The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.
Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.
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