Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $61.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 8.88% from the company’s previous close.

FITB has been the subject of several other research reports. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. UBS Group boosted their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. Finally, The Goldman Sachs Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Trading Down 1.5%

Shares of NASDAQ:FITB traded down $0.86 during midday trading on Wednesday, reaching $56.94. 2,096,838 shares of the company’s stock were exchanged, compared to its average volume of 9,204,329. The firm’s 50 day simple moving average is $54.36 and its two-hundred day simple moving average is $51.09. 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 stock has a market cap of $51.61 billion, a price-to-earnings ratio of 19.13, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 EPS. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. D.A. Davidson & CO. raised its holdings in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 20,862 shares during the last quarter. Robinhood Asset Management LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $8,529,000. Keybank National Association OH boosted its holdings in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after acquiring an additional 21,365 shares during the period. Geode Capital Management LLC grew its position in Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after acquiring an additional 96,656 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $1,514,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.