Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $55.00 at Jefferies Financial Group

Fifth Third Bancorp (NASDAQ:FITB) had its price objective raised by equities researchers at Jefferies Financial Group from $50.00 to $55.00 in a report released on Monday,MarketScreener reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 26.63% from the company’s current price.

FITB has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Wolfe Research lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Argus increased their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. Keefe, Bruyette & Woods raised their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Tuesday, October 7th. Finally, DA Davidson boosted their price target on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.75.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $43.44 on Monday. The business has a 50-day simple moving average of $42.89 and a 200 day simple moving average of $42.30. The firm has a market capitalization of $28.71 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.14 and a beta of 0.98. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $48.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Insider Activity

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $41.22 per share, with a total value of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Federated Hermes Inc. increased its stake in Fifth Third Bancorp by 10.7% in the 1st quarter. Federated Hermes Inc. now owns 63,679 shares of the financial services provider’s stock worth $2,496,000 after purchasing an additional 6,164 shares during the period. Arkadios Wealth Advisors boosted its position in Fifth Third Bancorp by 19.4% during the 1st quarter. Arkadios Wealth Advisors now owns 8,419 shares of the financial services provider’s stock valued at $330,000 after buying an additional 1,366 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Fifth Third Bancorp in the 1st quarter worth $223,000. Jefferies Financial Group Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter valued at about $2,059,000. Finally, Commerce Bank boosted its holdings in shares of Fifth Third Bancorp by 0.7% during the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after purchasing an additional 282 shares during the period. Hedge funds and other institutional investors 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.