Evercore Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $53.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective hoisted by equities researchers at Evercore from $51.00 to $53.00 in a research note issued on Tuesday,MarketScreener reports. Evercore’s price target would suggest a potential upside of 2.83% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. TD Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Jefferies Financial Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Barclays lifted their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average target price of $56.66.

Fifth Third Bancorp Stock Up 1.1%

NASDAQ FITB traded up $0.56 during mid-day trading on Tuesday, hitting $51.54. The company’s stock had a trading volume of 1,068,795 shares, compared to its average volume of 11,531,353. The company’s 50 day simple moving average is $48.59 and its 200 day simple moving average is $46.91. Fifth Third Bancorp has a twelve month low of $33.52 and a twelve month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $46.68 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.03 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results 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. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter last year, the firm posted $0.71 EPS. Analysts anticipate that Fifth Third Bancorp will post 4.06 earnings per share for the current year.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in FITB. Norges Bank purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $649,264,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of 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 worth $140,993,000 after buying an additional 2,644,332 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after buying an additional 2,574,712 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Fifth Third Bancorp by 16.7% in 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 during the last quarter. 83.79% of the stock is 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.