Fifth Third Bancorp (NASDAQ:FITB) Given New $65.00 Price Target at Bank of America

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by investment analysts at Bank of America from $63.00 to $65.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price would indicate a potential upside of 13.56% from the company’s current price.

A number of other research analysts have also commented on FITB. The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Robert W. Baird upped their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $60.20.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.77 during trading on Monday, reaching $57.24. 2,573,394 shares of the stock were exchanged, compared to its average volume of 9,416,040. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The stock has a 50-day moving average price of $53.01 and a 200-day moving average price of $50.63. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $51.88 billion, a PE ratio of 19.20, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter last year, the business posted $0.88 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds have recently bought and sold shares of the company. Empowered Funds LLC increased its stake in Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 916 shares during the last quarter. Woodline Partners LP boosted its holdings 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 valued at $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Fifth Third Bancorp by 5.0% in the 2nd 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 shares of Fifth Third Bancorp during the 2nd quarter worth $968,000. 83.79% of the stock is owned by institutional investors.

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.