Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $64.00 at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by research analysts at Morgan Stanley from $60.00 to $64.00 in a research report issued on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target points to a potential upside of 13.57% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wolfe Research decreased their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Stephens began coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective for the company. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. JPMorgan Chase & Co. raised their target price on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.94.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ:FITB traded up $0.04 during trading hours on Monday, hitting $56.35. 463,311 shares of the stock were exchanged, compared to its average volume of 9,664,216. The company’s 50 day moving average is $50.90 and its two-hundred day moving average is $49.62. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $56.76. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $51.07 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period last year, the company earned $0.71 EPS. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after purchasing an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD grew 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 valued at $1,664,013,000 after buying an additional 10,444,799 shares during the period. Capital World Investors grew its holdings in shares of Fifth Third Bancorp by 5.6% in the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after buying an additional 1,719,361 shares during the period. State Street Corp increased its position in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after buying an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after buying an additional 530,489 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.