Citigroup Trims Fifth Third Bancorp (NASDAQ:FITB) Target Price to $22.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective trimmed by Citigroup from $24.00 to $22.00 in a report released on Thursday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on FITB. Morgan Stanley increased their target price on Fifth Third Bancorp from $22.00 to $24.00 and gave the stock an equal weight rating in a research report on Monday, June 8th. Nomura Securities dropped their target price on Fifth Third Bancorp from $29.00 to $15.00 and set a neutral rating on the stock in a research report on Tuesday, April 7th. UBS Group increased their target price on Fifth Third Bancorp from $19.00 to $23.00 and gave the stock a buy rating in a research report on Monday, May 4th. Cfra upped their price target on shares of Fifth Third Bancorp to $22.00 and gave the stock a buy rating in a report on Wednesday, April 22nd. Finally, Barclays reaffirmed a buy rating and issued a $24.00 price target on shares of Fifth Third Bancorp in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $24.50.

Fifth Third Bancorp stock traded up $0.17 during trading on Thursday, hitting $19.86. The stock had a trading volume of 9,862,164 shares, compared to its average volume of 5,839,953. Fifth Third Bancorp has a 1 year low of $11.10 and a 1 year high of $31.64. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average is $19.53 and its two-hundred day moving average is $21.02. The stock has a market cap of $14.14 billion, a price-to-earnings ratio of 10.24, a price-to-earnings-growth ratio of 1.72 and a beta of 1.72.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.20 by $0.10. Fifth Third Bancorp had a return on equity of 7.37% and a net margin of 16.55%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the business earned $0.71 earnings per share. Fifth Third Bancorp’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 1.4 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $1.08 annualized dividend and a yield of 5.44%. Fifth Third Bancorp’s payout ratio is 38.99%.

A number of hedge funds and other institutional investors have recently bought and sold shares of FITB. Norges Bank purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $249,050,000. APG Asset Management N.V. boosted its holdings in shares of Fifth Third Bancorp by 512.5% during the first quarter. APG Asset Management N.V. now owns 4,274,599 shares of the financial services provider’s stock worth $96,010,000 after purchasing an additional 3,576,758 shares during the period. AJO LP boosted its holdings in shares of Fifth Third Bancorp by 935.7% during the first quarter. AJO LP now owns 1,868,249 shares of the financial services provider’s stock worth $27,742,000 after purchasing an additional 1,687,872 shares during the period. Royal Bank of Canada lifted its holdings in Fifth Third Bancorp by 140.3% in the first quarter. Royal Bank of Canada now owns 1,939,014 shares of the financial services provider’s stock worth $28,795,000 after buying an additional 1,132,019 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in Fifth Third Bancorp by 67.9% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 2,418,338 shares of the financial services provider’s stock worth $35,913,000 after buying an additional 978,129 shares during the period. Institutional investors and hedge funds own 78.20% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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