Jefferies Financial Group Initiates Coverage on Fifth Third Bancorp (NASDAQ:FITB)

Investment analysts at Jefferies Financial Group began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report issued on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $47.00 price target on the financial services provider’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 20.30% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Baird R W raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Truist Financial reduced their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a “buy” rating and a $52.00 price objective for the company. Morgan Stanley cut their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.78.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $39.07 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The stock has a market cap of $26.08 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89. The company has a fifty day simple moving average of $36.99 and a 200-day simple moving average of $41.67.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the previous year, the company earned $0.70 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of FITB. Eads & Heald Wealth Management boosted its stake in Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 235 shares during the period. Valley National Advisers Inc. raised its holdings in shares of Fifth Third Bancorp by 3.6% during the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock valued at $285,000 after buying an additional 236 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Fifth Third Bancorp by 4.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after buying an additional 246 shares during the period. Exchange Traded Concepts LLC grew its holdings in Fifth Third Bancorp by 16.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock worth $79,000 after buying an additional 261 shares in the last quarter. Finally, Howard Capital Management Inc. increased its position in Fifth Third Bancorp by 5.6% in the 4th quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider’s stock valued at $219,000 after acquiring an additional 274 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.