JPMorgan Chase & Co. Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by JPMorgan Chase & Co. from $50.50 to $53.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 10.98% from the stock’s current price.

A number of other equities research analysts have also weighed in on FITB. Janney Montgomery Scott lifted their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings raised Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 26th. UBS Group reissued a “buy” rating and set a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $55.96.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $47.76 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.27 and a twelve month high of $55.44. The stock’s 50 day moving average is $49.10 and its two-hundred day moving average is $46.58. The firm has a market capitalization of $43.25 billion, a PE ratio of 13.48, a P/E/G ratio of 0.93 and a beta of 0.95. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FITB. Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $26,000. Westside Investment Management Inc. raised its holdings in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 292 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, United Community Bank raised its holdings in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 581 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.