Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $56.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by research analysts at Robert W. Baird from $55.00 to $56.00 in a report released on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 9.86% from the company’s current price.

Other equities analysts also recently issued reports about the company. Truist Financial lowered their price target on Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, March 13th. Argus boosted their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. UBS Group restated a “buy” rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Wolfe Research cut their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Finally, Zacks Research raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $56.56.

Fifth Third Bancorp Stock Up 1.3%

Fifth Third Bancorp stock traded up $0.64 during mid-day trading on Monday, reaching $50.98. 589,653 shares of the company’s stock were exchanged, compared to its average volume of 11,581,651. The company has a fifty day moving average of $48.65 and a 200-day moving average of $46.86. The company has a market cap of $46.16 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.03 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $32.79 and a twelve month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same period last year, the firm earned $0.71 earnings per share. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Fifth Third Bancorp during the 4th quarter worth $649,264,000. Price T Rowe Associates Inc. MD lifted its position 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 valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Clearbridge Investments LLC boosted its holdings in Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares in the last quarter. Invesco Ltd. increased its position in Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after purchasing an additional 2,574,712 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other 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.