Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $60.00 at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lowered by investment analysts at Morgan Stanley from $67.00 to $60.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 29.40% from the company’s previous close.

Several other brokerages have also recently commented on FITB. TD Cowen reiterated a “buy” rating and set a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Argus increased their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Citigroup raised their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, January 21st. Finally, Robert W. Baird increased their price target on Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $56.24.

Fifth Third Bancorp Trading Up 3.8%

FITB stock traded up $1.69 during midday trading on Tuesday, reaching $46.37. The stock had a trading volume of 7,367,996 shares, compared to its average volume of 12,422,441. The firm has a market cap of $41.99 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 0.87 and a beta of 0.96. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $49.50 and a two-hundred day simple moving average of $46.53.

Institutional Investors Weigh In On Fifth Third Bancorp

Large investors have recently bought and sold shares of the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp in the second quarter worth $26,000. Westside Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after buying an additional 292 shares during the period. Harbor Investment Advisory LLC increased its position in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after buying an additional 517 shares in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, United Community Bank raised its stake in Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 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.