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

Fifth Third Bancorp (NASDAQ:FITB) had its price objective raised by research analysts at DA Davidson from $63.00 to $65.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target indicates a potential upside of 12.54% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Robert W. Baird boosted 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 note on Monday, June 8th. JPMorgan Chase & Co. raised their price target on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada raised their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.96.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $57.76 on Monday. The firm has a market capitalization of $52.35 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company’s fifty day moving average is $53.01 and its two-hundred day moving average is $50.63. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the previous year, the firm posted $0.88 earnings per share. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at approximately $25,000. SouthState Bank Corp lifted its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 236 shares during the period. Harbor Investment Advisory LLC boosted its holdings in Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares in the last quarter. Monetary Solutions Ltd purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $29,000. Finally, Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds 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.