Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Argus Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by investment analysts at Argus from $49.00 to $58.00 in a report released on Thursday,MarketScreener reports. Argus’ target price suggests a potential upside of 13.97% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Wolfe Research raised their price objective on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.51.

Fifth Third Bancorp Stock Performance

FITB opened at $50.89 on Thursday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $53.33. The company has a market cap of $33.64 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.13 and a beta of 0.97. The company’s fifty day moving average price is $46.67 and its two-hundred day moving average price is $44.55. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.08. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the company earned $0.85 earnings per share. On average, analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the company’s 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 $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC lifted its holdings in Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares during the period. Woodline Partners LP lifted its position in shares of Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Fifth Third Bancorp by 158.4% during the second quarter. Farther Finance Advisors LLC now owns 18,996 shares of the financial services provider’s stock worth $781,000 after purchasing an additional 11,646 shares in the last quarter. Ballentine Partners LLC boosted its stake in Fifth Third Bancorp by 52.8% in the 2nd quarter. Ballentine Partners LLC now owns 23,523 shares of the financial services provider’s stock worth $968,000 after purchasing an additional 8,128 shares during the period. Finally, Patton Fund Management Inc. bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $257,000. 83.79% of the stock is currently owned by 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.