Piper Sandler Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by equities researchers at Piper Sandler from $49.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 13.52% from the company’s current price.

FITB has been the topic of a number of other reports. Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Barclays upped their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Evercore ISI increased their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley lifted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $44.19.

Fifth Third Bancorp Stock Down 1.0 %

FITB opened at $47.57 on Tuesday. The business’s 50-day moving average price is $44.80 and its 200-day moving average price is $41.13. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $31.90 billion, a P/E ratio of 15.80, a P/E/G ratio of 2.30 and a beta of 1.22. Fifth Third Bancorp has a 12 month low of $30.01 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, equities analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $33,337,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after buying an additional 732,651 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at about $28,490,000. Millennium Management LLC increased its holdings in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after acquiring an additional 583,781 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Fifth Third Bancorp by 76.2% during the third 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 buying an additional 575,449 shares in the last quarter. 83.79% of the stock is 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.