Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $60.00 at Truist Financial

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by investment analysts at Truist Financial from $57.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price would indicate a potential upside of 8.63% from the company’s current price.

FITB has been the subject of several other research reports. Barclays boosted their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Stephens began coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, JPMorgan Chase & Co. increased their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.74.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $0.56 during mid-day trading on Wednesday, reaching $55.23. The stock had a trading volume of 1,344,188 shares, compared to its average volume of 9,695,826. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $55.44. The business has a 50 day simple moving average of $50.53 and a 200 day simple moving average of $49.40. The firm has a market capitalization of $50.06 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter last year, the business earned $0.71 earnings per share. On average, analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on 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 directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at about $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 236 shares during the last quarter. Harbor Investment Advisory LLC raised its stake 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 last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

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.