Evercore ISI Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $40.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price boosted by investment analysts at Evercore ISI from $37.00 to $40.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s target price would indicate a potential upside of 7.79% from the company’s previous close.

Several other research firms have also recently commented on FITB. Morgan Stanley upped their price target on Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Barclays upped their price target on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Stephens reaffirmed an “equal weight” rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.72.

Fifth Third Bancorp Trading Up 1.0 %

Shares of FITB traded up $0.37 during midday trading on Thursday, reaching $37.11. The company had a trading volume of 1,030,543 shares, compared to its average volume of 5,563,425. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.36. The stock has a market cap of $25.28 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The firm has a 50 day simple moving average of $34.69 and a 200-day simple moving average of $30.68. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.22. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same period last year, the business posted $1.04 EPS. Research analysts forecast that Fifth Third Bancorp will post 3.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 5,000 shares of Fifth Third Bancorp stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now directly owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the sale, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FITB. GoalVest Advisory LLC lifted its holdings in Fifth Third Bancorp by 145.5% during the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after buying an additional 560 shares in the last quarter. Clear Street Markets LLC lifted its stake in shares of Fifth Third Bancorp by 93.4% in the 1st quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 647 shares during the period. Denali Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $36,000. ICA Group Wealth Management LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $38,000. Finally, Financial Management Professionals Inc. increased its position in shares of Fifth Third Bancorp by 1,000.0% in the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,000 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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.