Truist Financial Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $53.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by equities research analysts at Truist Financial from $60.00 to $53.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 22.12% from the stock’s current price.

A number of other research analysts also recently issued reports on FITB. TD Cowen reiterated a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $60.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Barclays lifted their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Argus upped their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $56.56.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $43.40 on Friday. 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 simple moving average of $50.45 and a two-hundred day simple moving average of $46.59. The stock has a market cap of $39.30 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.88 and a beta of 0.96. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of FITB. Vanguard Group Inc. grew its holdings in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Capital World Investors lifted its stake in Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares during the last quarter. State Street Corp lifted its stake in Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after purchasing an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after buying an additional 530,489 shares during the period. 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.