Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $46.00 at Bank of America

Fifth Third Bancorp (NASDAQ:FITBGet Rating) had its target price hoisted by investment analysts at Bank of America from $44.00 to $46.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price target indicates a potential upside of 12.77% from the company’s previous close.

Several other analysts have also issued reports on FITB. Robert W. Baird lowered shares of Fifth Third Bancorp from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research report on Friday, January 7th. Morgan Stanley lowered Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $56.00 to $50.00 in a research note on Monday, March 28th. Barclays raised their target price on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Monday, January 3rd. StockNews.com assumed coverage on Fifth Third Bancorp in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, UBS Group started coverage on Fifth Third Bancorp in a report on Wednesday, January 12th. They issued a “buy” rating and a $56.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $48.75.

Shares of Fifth Third Bancorp stock opened at $40.79 on Wednesday. The firm has a market cap of $27.89 billion, a PE ratio of 10.91, a P/E/G ratio of 1.34 and a beta of 1.29. Fifth Third Bancorp has a twelve month low of $34.35 and a twelve month high of $50.64. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $44.80 and a 200 day moving average price of $44.80.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last posted its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $0.68 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.01). Fifth Third Bancorp had a net margin of 33.25% and a return on equity of 13.55%. During the same period in the previous year, the firm earned $0.93 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.53 EPS for the current year.

In other Fifth Third Bancorp news, EVP Howard Hammond sold 2,500 shares of the company’s stock in a transaction on Monday, February 7th. The stock was sold at an average price of $47.63, for a total transaction of $119,075.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Greg D. Carmichael sold 67,687 shares of the firm’s stock in a transaction on Wednesday, February 9th. The stock was sold at an average price of $49.21, for a total value of $3,330,877.27. The disclosure for this sale can be found here. Insiders sold 74,745 shares of company stock valued at $3,669,055 over the last quarter. 0.67% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Xponance Inc. lifted its position in shares of Fifth Third Bancorp by 4.4% during the first quarter. Xponance Inc. now owns 48,205 shares of the financial services provider’s stock worth $2,075,000 after purchasing an additional 2,017 shares in the last quarter. Concord Wealth Partners increased its stake in Fifth Third Bancorp by 9.3% during the 1st quarter. Concord Wealth Partners now owns 3,093 shares of the financial services provider’s stock worth $133,000 after buying an additional 264 shares during the period. Ellevest Inc. lifted its holdings in Fifth Third Bancorp by 25.3% during the 1st quarter. Ellevest Inc. now owns 9,825 shares of the financial services provider’s stock worth $423,000 after buying an additional 1,983 shares in the last quarter. Graypoint LLC boosted its position in Fifth Third Bancorp by 1.0% in the 1st quarter. Graypoint LLC now owns 40,322 shares of the financial services provider’s stock valued at $1,735,000 after buying an additional 407 shares during the period. Finally, Alhambra Investment Partners LLC acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $225,000. Institutional investors own 81.71% of the company’s stock.

About Fifth Third Bancorp (Get Rating)

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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