Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $57.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target lifted by equities researchers at Evercore ISI from $52.00 to $57.00 in a note issued to investors on Thursday,MarketScreener reports. Evercore ISI’s price objective suggests a potential upside of 3.49% from the stock’s current price.

FITB has been the subject of several other reports. Barclays raised their target price on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Wolfe Research lifted their price objective on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Wall Street Zen lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $56.58.

Fifth Third Bancorp Trading Up 2.4%

NASDAQ FITB opened at $55.08 on Thursday. The stock has a market cap of $36.41 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.36. The stock has a 50 day simple moving average of $48.74 and a two-hundred day simple moving average of $45.20. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last announced its 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%. On average, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction 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 sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the second quarter worth $357,440,000. Invesco Ltd. grew its stake in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock valued at $850,473,000 after purchasing an additional 2,941,333 shares during the period. Bank of America Corp DE grew its stake in shares of Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after purchasing an additional 2,293,939 shares during the period. Alecta Tjanstepension Omsesidigt increased its position in shares of Fifth Third Bancorp by 130.6% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock valued at $157,541,000 after purchasing an additional 1,907,400 shares during the last quarter. Finally, Capital World Investors lifted its stake in shares of Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after purchasing an additional 1,803,861 shares during the period. 83.79% of the stock is owned by hedge funds and other 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.