Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $58.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target upped by equities researchers at Evercore from $53.00 to $58.00 in a research note issued to investors on Wednesday,MarketScreener reports. Evercore’s price target would indicate a potential upside of 5.74% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Truist Financial set a $57.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, April 21st. Barclays boosted their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Stephens initiated coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.59.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $0.18 on Wednesday, hitting $54.85. 415,192 shares of the stock traded hands, compared to its average volume of 9,688,129. The business’s fifty day moving average is $50.53 and its two-hundred day moving average is $49.40. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $55.44. The firm has a market capitalization of $49.71 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 1.09 and a beta of 0.92. 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 (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. The company had revenue of $2.83 billion during 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 quarter in the previous year, the firm earned $0.71 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently added to or reduced their stakes in FITB. Empowered Funds LLC raised its holdings in shares of Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares during the period. Woodline Partners LP increased its position in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after buying an additional 759 shares during the last quarter. Brown Advisory Inc. increased its stake in Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in Fifth Third Bancorp in the second quarter valued at approximately $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.