Fifth Third Bancorp (NASDAQ:FITB) Given New $58.00 Price Target at JPMorgan Chase & Co.

Fifth Third Bancorp (NASDAQ:FITB) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $62.00 to $58.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 14.11% from the company’s current price.

Several other analysts have also recently issued reports on FITB. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Jefferies Financial Group cut their target price on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. UBS Group increased their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, Stephens decreased their price target on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.01.

Fifth Third Bancorp Stock Up 0.8%

Shares of NASDAQ FITB traded up $0.42 during midday trading on Friday, reaching $50.83. 1,993,278 shares of the company’s stock were exchanged, compared to its average volume of 8,347,406. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The business’s fifty day moving average price is $54.94 and its two-hundred day moving average price is $52.50. The stock has a market capitalization of $46.09 billion, a PE ratio of 17.05, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.88 EPS. Fifth Third Bancorp’s revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $25,000. Security National Bank of SO Dak acquired a new position in Fifth Third Bancorp during the 2nd quarter valued at approximately $25,000. SouthState Bank Corp grew its stake in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp in the fourth quarter worth $29,000. Finally, Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at $29,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.