Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $61.00 at Stephens

Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by stock analysts at Stephens from $63.00 to $61.00 in a research report issued to clients and investors on Tuesday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Stephens’ target price would indicate a potential upside of 17.78% from the company’s current price.

FITB has been the subject of a number of other reports. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Jefferies Financial Group decreased their target price on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday. Citigroup upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $59.00 to $62.00 in a report on Tuesday. Bank of America raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, Truist Financial dropped their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.20.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $51.79 on Tuesday. The stock has a 50-day moving average of $55.75 and a 200-day moving average of $52.26. 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 $46.97 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

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

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Basecamp Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 5.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock worth $180,000 after buying an additional 201 shares during the period. Legacy Wealth Managment LLC ID boosted its position in shares of Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 212 shares during the period. Foster & Motley Inc. increased its holdings in Fifth Third Bancorp by 1.4% in the 1st quarter. Foster & Motley Inc. now owns 16,298 shares of the financial services provider’s stock valued at $757,000 after purchasing an additional 226 shares during the last quarter. SouthState Bank Corp raised its position in 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 purchasing an additional 236 shares during the period. Finally, CFS Investment Advisory Services LLC raised its position in Fifth Third Bancorp by 2.4% in the fourth quarter. CFS Investment Advisory Services LLC now owns 10,812 shares of the financial services provider’s stock valued at $506,000 after purchasing an additional 258 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.