Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Truist Financial Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its target price upped by Truist Financial from $51.00 to $52.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would indicate a potential upside of 18.59% from the company’s current price.

Several other research firms also recently commented on FITB. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $43.85 on Wednesday. The firm’s 50-day moving average price is $44.85 and its 200-day moving average price is $43.02. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The firm has a market capitalization of $29.40 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.95 and a beta of 1.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently modified their holdings of FITB. Charles Schwab Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $28,490,000. Millennium Management LLC lifted its stake in Fifth Third Bancorp by 896.7% in the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after purchasing an additional 575,449 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after purchasing an additional 409,292 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.