Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Evercore Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its target price upped by stock analysts at Evercore from $52.00 to $57.00 in a report released on Thursday, Marketbeat.com reports. The firm currently has an “in-line” rating on the financial services provider’s stock. Evercore’s price target indicates a potential upside of 3.49% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Jefferies Financial Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. DA Davidson boosted their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Trading Up 2.4%

Shares of Fifth Third Bancorp stock opened at $55.08 on Thursday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.36. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $48.74 and a 200-day moving average price of $45.20. The firm has a market cap of $36.41 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.09 and a beta of 0.99.

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

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were 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 owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AE Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp by 4.7% during the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after acquiring an additional 15,627 shares in the last quarter. Generali Asset Management SPA SGR acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $1,314,000. Allspring Global Investments Holdings LLC boosted its position in Fifth Third Bancorp by 8.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares in the last quarter. Huntington National Bank grew its holdings in Fifth Third Bancorp by 10.9% in the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after purchasing an additional 11,935 shares during the period. Finally, Intact Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 24.5% in the third quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after buying an additional 23,500 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.