Fifth Third Bancorp (NASDAQ:FITB) Now Covered by JPMorgan Chase & Co.

Research analysts at JPMorgan Chase & Co. assumed coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report issued to clients and investors on Monday. The brokerage set an “overweight” rating and a $50.50 price target on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 14.09% from the stock’s previous close.

Several other brokerages have also recently issued reports on FITB. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 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. Morgan Stanley upped their target price on Fifth Third Bancorp from $60.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Evercore raised their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Finally, Citigroup lifted their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.99.

Fifth Third Bancorp Trading Up 2.0%

Fifth Third Bancorp stock traded up $0.86 during mid-day trading on Monday, reaching $44.26. 1,664,245 shares of the company traded hands, compared to its average volume of 12,676,716. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The firm has a market capitalization of $40.08 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 0.88 and a beta of 0.96. The firm’s 50 day moving average price is $50.45 and its 200 day moving average price is $46.60.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after buying an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Fifth Third Bancorp by 41.6% in the fourth 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 acquiring an additional 10,444,799 shares in the last quarter. Capital World Investors boosted its holdings 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 acquiring an additional 1,719,361 shares in the last quarter. State Street Corp grew its stake in shares of 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 acquiring an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 acquiring an additional 530,489 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Company Profile

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.