Argus Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $58.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price hoisted by investment analysts at Argus from $49.00 to $58.00 in a note issued to investors on Thursday,MarketScreener reports. Argus’ price target would suggest a potential upside of 14.21% from the stock’s current price.

A number of other research firms have also recently weighed in on FITB. Royal Bank Of Canada upped their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Robert W. Baird raised their price target on shares of Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.66.

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ FITB opened at $50.78 on Thursday. The stock has a fifty day moving average price of $46.83 and a 200 day moving average price of $44.60. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $53.33. The company has a market cap of $33.57 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.02 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The company had revenue of $3.82 billion during the quarter. Research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. raised its holdings in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares during the period. Harbor Investment Advisory LLC boosted its holdings in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after buying an additional 517 shares during the period. Evolution Wealth Management Inc. bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $26,000. United Community Bank raised its stake in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares during the period. Finally, Activest Wealth Management raised its stake in Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares during the period. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.