The Goldman Sachs Group Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $51.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price upped by investment analysts at The Goldman Sachs Group from $49.00 to $51.00 in a note issued to investors on Friday,MarketScreener reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 14.84% from the company’s current price.

Several other research firms also recently issued reports on FITB. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and lifted their price objective for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Evercore ISI boosted their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Finally, Wolfe Research boosted their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Price Performance

FITB stock opened at $44.41 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock’s 50 day moving average is $44.10 and its two-hundred day moving average is $40.61. The company has a market capitalization of $29.39 billion, a PE ratio of 13.79, a P/E/G ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp declared that its board has initiated a stock buyback program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FITB. Norges Bank bought a new position in shares of Fifth Third Bancorp in the second quarter worth $357,440,000. Nuveen LLC bought a new position in shares of Fifth Third Bancorp in the first quarter worth $334,805,000. Invesco Ltd. lifted its holdings in shares of Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock valued at $850,473,000 after buying an additional 2,941,333 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Fifth Third Bancorp during the first quarter valued at about $113,900,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.