Fifth Third Bancorp (NASDAQ:FITB) Given New $55.00 Price Target at Wolfe Research

Fifth Third Bancorp (NASDAQ:FITB) had its target price cut by Wolfe Research from $57.00 to $55.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Wolfe Research’s price objective points to a potential upside of 16.83% from the stock’s current price.

A number of other brokerages have also weighed in on FITB. Truist Financial lowered their target price on Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Jefferies Financial Group reduced their price target on shares of Fifth Third Bancorp from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Keefe, Bruyette & Woods upped their price objective 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. JPMorgan Chase & Co. began coverage on shares of Fifth Third Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $50.50 price objective on the stock. Finally, Stephens lifted their price objective on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $56.14.

Fifth Third Bancorp Trading Up 1.3%

Shares of FITB stock traded up $0.62 during trading hours on Wednesday, hitting $47.08. 641,820 shares of the company were exchanged, compared to its average volume of 12,344,656. The company has a 50 day simple moving average of $49.43 and a two-hundred day simple moving average of $46.54. The firm has a market cap of $42.63 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.88 and a beta of 0.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cullen Frost Bankers Inc. raised its stake in shares of Fifth Third Bancorp by 4.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 187 shares during the period. Equitable Holdings Inc. grew its holdings in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after buying an additional 195 shares in the last quarter. Koshinski Asset Management Inc. increased its position in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after buying an additional 206 shares during the period. Keybank National Association OH lifted its holdings in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after buying an additional 214 shares in the last quarter. Finally, CreativeOne Wealth LLC boosted its position in shares of Fifth Third Bancorp by 1.9% in the fourth quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider’s stock valued at $545,000 after acquiring an additional 216 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.