UBS Group Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by equities research analysts at UBS Group from $60.00 to $65.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. UBS Group’s price objective points to a potential upside of 11.70% from the stock’s previous close.

FITB has been the topic of a number of other research reports. DA Davidson reiterated a “buy” rating and issued a $58.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday. Truist Financial upped their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a report on Monday, May 4th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $59.11.

Fifth Third Bancorp Trading Up 0.5%

Shares of Fifth Third Bancorp stock opened at $58.19 on Tuesday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.44. The firm has a market cap of $52.74 billion, a PE ratio of 19.54, a P/E/G ratio of 1.09 and a beta of 0.90. The business’s fifty day moving average is $51.55 and its two-hundred day moving average is $49.96. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results 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. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period in the prior year, the firm posted $0.71 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Insider Activity

In related news, EVP Kevin J. Khanna sold 6,000 shares of the firm’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 sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp raised its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the period. Harbor Investment Advisory LLC raised its position in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. 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.