The Goldman Sachs Group Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by research analysts at The Goldman Sachs Group from $55.00 to $60.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 17.90% from the stock’s current price.

Several other brokerages also recently issued reports on FITB. Truist Financial set a $57.00 price target on shares of Fifth Third Bancorp in a report on Tuesday. Zacks Research raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Janney Montgomery Scott raised their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Barclays raised their price target on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, UBS Group reaffirmed a “buy” rating and set a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.11.

Fifth Third Bancorp Stock Up 0.7%

Shares of NASDAQ FITB opened at $50.89 on Wednesday. Fifth Third Bancorp has a 12-month low of $34.80 and a 12-month high of $55.44. The company has a market capitalization of $46.08 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 1.05 and a beta of 0.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s 50-day moving average is $48.40 and its two-hundred day moving average is $47.01.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post 4.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.51% of the stock is owned by company insiders.

Institutional Trading of Fifth Third Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Premier Path Wealth Partners LLC grew its holdings in Fifth Third Bancorp by 18.1% in the 1st quarter. Premier Path Wealth Partners LLC now owns 10,126 shares of the financial services provider’s stock valued at $470,000 after buying an additional 1,549 shares during the period. McMillan Office Inc. purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $7,719,000. EWA LLC purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at about $213,000. Lansforsakringar Fondforvaltning AB publ grew its holdings in Fifth Third Bancorp by 9.6% in the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 6,985 shares of the financial services provider’s stock valued at $325,000 after buying an additional 610 shares during the period. Finally, North Star Investment Management Corp. grew its holdings in Fifth Third Bancorp by 65.4% in the 1st quarter. North Star Investment Management Corp. now owns 189,895 shares of the financial services provider’s stock valued at $8,823,000 after buying an additional 75,103 shares during the period. 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.