Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price objective raised by equities research analysts at Keefe, Bruyette & Woods from $47.00 to $50.00 in a report released on Tuesday,MarketScreener reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 14.18% from the stock’s current price.

Several other analysts also recently issued reports on FITB. Citigroup boosted their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group upped their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Robert W. Baird raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their target price for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Morgan Stanley set a $60.00 price target on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.35.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $43.79 on Tuesday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average price of $44.13 and a two-hundred day moving average price of $40.64. The firm has a market cap of $28.98 billion, a P/E ratio of 13.60, a PEG ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Fifth Third Bancorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock worth $3,448,743,000 after acquiring an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 1.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock valued at $958,614,000 after buying an additional 398,517 shares in the last quarter. Invesco Ltd. lifted its holdings 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 worth $850,473,000 after acquiring an additional 2,941,333 shares during the period. Geode Capital Management LLC increased its stake in Fifth Third Bancorp by 3.6% in the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after acquiring an additional 619,956 shares during the period. Finally, Norges Bank bought a new position in Fifth Third Bancorp during the second quarter worth about $357,440,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

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.