Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $57.00 at Piper Sandler

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) had its price target upped by research analysts at Piper Sandler from $50.00 to $57.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 10.03% from the stock’s current price.

A number of other research analysts have also recently weighed in on FITB. Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Evercore ISI set a $52.00 price objective on Fifth Third Bancorp in a research report on Tuesday, January 6th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Argus upped their price target on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. Finally, Cowen reiterated a “buy” rating on shares of Fifth Third Bancorp in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Get Our Latest Stock Analysis on FITB

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $51.80 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average price of $46.31 and a 200 day moving average price of $44.45. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $50.68. The stock has a market cap of $34.24 billion, a P/E ratio of 15.42, a PEG ratio of 0.86 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) last announced its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.08 EPS for the quarter, beating the consensus estimate of $1.00 by $0.08. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company posted $0.85 EPS. The company’s quarterly revenue was up 63.1% on a year-over-year basis. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently bought and sold shares of the stock. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $26,000. Westside Investment Management Inc. increased its position in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after buying an additional 292 shares during the period. Activest Wealth Management lifted its stake in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares during the last quarter. Harbor Investment Advisory LLC boosted its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 517 shares during the period. Finally, United Community Bank grew its position in shares of Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp News Roundup

Here are the key news stories impacting Fifth Third Bancorp this week:

About Fifth Third Bancorp

(Get Free Report)

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.

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