Stephens Has Lowered Expectations for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by equities research analysts at Stephens from $63.00 to $61.00 in a research report issued on Tuesday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Stephens’ price target points to a potential upside of 18.35% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Bank of America raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. DA Davidson increased their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. boosted their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.20.

Fifth Third Bancorp Stock Performance

FITB opened at $51.54 on Tuesday. The stock has a 50-day moving average of $55.75 and a 200-day moving average of $52.26. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a market cap of $46.74 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 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 net margin of 15.89% and a return on equity of 12.39%. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the business earned $0.88 EPS. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently bought and sold shares of the company. D.A. Davidson & CO. raised its position in shares of Fifth Third Bancorp by 69.7% in the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after purchasing an additional 20,862 shares during the period. Keybank National Association OH raised its holdings in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares during the period. Bank of America Corp DE bought a new position in Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in Fifth Third Bancorp during the second quarter worth approximately $4,222,000. Finally, Geode Capital Management LLC grew its position in shares of Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.