JPMorgan Chase & Co. Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $58.00

by · The Cerbat Gem

Fifth Third Bancorp (NASDAQ:FITB – Free Report) had its price target reduced by JPMorgan Chase & Co. from $62.00 to $58.00 in a research report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently commented on FITB. Stephens cut their price target on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 22nd. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Citigroup upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $59.00 to $62.00 in a report on Tuesday, September 22nd. Royal Bank Of Canada upped their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Finally, UBS Group increased their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $61.01.

Check Out Our Latest Analysis on FITB

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $50.90 on Friday. The company has a market capitalization of $46.16 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The firm has a fifty day simple moving average of $54.81 and a 200-day simple moving average of $52.55. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.42 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 57.34%.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of FITB. Security National Bank of SO Dak bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $25,000. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the second quarter worth $29,000. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter worth $25,000. SouthState Bank Corp boosted its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the period. Finally, Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp during the fourth quarter valued at $29,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

(Get Free Report)

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.

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