JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by JPMorgan Chase & Co. from $53.00 to $54.50 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 8.00% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Morgan Stanley cut their target price on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Zacks Research upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Finally, Evercore increased their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $57.19.

Fifth Third Bancorp Stock Down 0.6%

FITB opened at $50.46 on Thursday. Fifth Third Bancorp has a fifty-two week low of $36.48 and a fifty-two week high of $55.44. The company has a market capitalization of $45.70 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.04 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s fifty day moving average price is $48.11 and its two-hundred day moving average price is $47.25.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the firm posted $0.71 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post 4.09 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the stock. Empowered Funds LLC lifted its holdings in Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after buying an additional 916 shares in the last quarter. Woodline Partners LP increased its stake 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 buying an additional 16,323 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 759 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after acquiring 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 second quarter valued at $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.