Wells Fargo & Company Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by equities research analysts at Wells Fargo & Company from $48.00 to $52.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 31.67% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 price target for the company. DA Davidson upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and boosted their price objective for the stock from $42.00 to $47.00 in a research report on Monday. Truist Financial cut their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective for the company in a research report on Monday, April 7th. Finally, Barclays cut their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.53.

Fifth Third Bancorp Stock Up 0.2%

Shares of Fifth Third Bancorp stock opened at $39.49 on Tuesday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a market cap of $26.36 billion, a P/E ratio of 12.60, a PEG ratio of 1.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a fifty day moving average of $36.65 and a two-hundred day moving average of $40.84.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period in the prior year, the business posted $0.70 EPS. On average, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after acquiring an additional 862,374 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock worth $715,219,000 after acquiring an additional 285,910 shares during the last quarter. Boston Partners boosted its position in Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Fifth Third Bancorp by 12.1% during the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock valued at $402,991,000 after purchasing an additional 1,027,044 shares during the last quarter. 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.