Wolfe Research Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by stock analysts at Wolfe Research from $51.00 to $52.00 in a report released on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Wolfe Research’s price objective would indicate a potential upside of 17.59% from the stock’s previous close.

Several other brokerages have also recently issued reports on FITB. Robert W. Baird upped their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday. Truist Financial upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Evercore ISI upped their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday. Finally, DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.38.

Fifth Third Bancorp Trading Down 0.3%

NASDAQ:FITB opened at $44.22 on Wednesday. The business’s 50-day simple moving average is $44.07 and its 200 day simple moving average is $40.56. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market cap of $29.27 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tiemann Investment Advisors LLC grew its holdings in Fifth Third Bancorp by 3.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock worth $276,000 after buying an additional 250 shares in the last quarter. CENTRAL TRUST Co grew its holdings in Fifth Third Bancorp by 4.1% in the 2nd quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock worth $272,000 after buying an additional 260 shares in the last quarter. Harbour Investments Inc. grew its holdings in Fifth Third Bancorp by 11.9% in the 2nd quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock worth $102,000 after buying an additional 263 shares in the last quarter. Moody National Bank Trust Division grew its holdings in Fifth Third Bancorp by 1.5% in the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after buying an additional 271 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its holdings in Fifth Third Bancorp by 6.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock worth $176,000 after buying an additional 276 shares in the last quarter. 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.