Jefferies Financial Group Begins Coverage on Fifth Third Bancorp (NASDAQ:FITB)

Investment analysts at Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $47.00 price target on the financial services provider’s stock. Jefferies Financial Group’s price target suggests a potential upside of 25.30% from the company’s previous close.

FITB has been the topic of several other reports. Stephens reiterated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. lowered their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Truist Financial lowered their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Finally, DA Davidson lowered their price objective on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.78.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $37.51 on Wednesday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $25.04 billion, a PE ratio of 11.95, a P/E/G ratio of 1.42 and a beta of 0.89. The company’s 50 day simple moving average is $36.95 and its two-hundred day simple moving average is $41.61.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. Analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Institutional Trading of Fifth Third Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Invesco Ltd. lifted its stake in Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after acquiring an additional 285,910 shares during the period. Boston Partners increased its position in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock valued at $402,991,000 after acquiring an additional 1,027,044 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.