Fifth Third Bancorp (NASDAQ:FITB) Given a $34.00 Price Target by Wedbush Analysts

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Fifth Third Bancorp (NASDAQ:FITB) received a $34.00 price objective from research analysts at Wedbush in a note issued to investors on Thursday, September 20th. The firm presently has a “buy” rating on the financial services provider’s stock. Wedbush’s price target indicates a potential upside of 26.68% from the stock’s previous close.

Several other research firms also recently issued reports on FITB. BMO Capital Markets cut their price objective on Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a report on Monday, July 23rd. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Monday, July 16th. Vining Sparks reissued a “buy” rating and set a $36.00 target price on shares of Fifth Third Bancorp in a research note on Thursday, July 19th. Morgan Stanley lowered their target price on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Finally, UBS Group raised Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 target price for the company in a research note on Friday, July 20th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $32.69.

Shares of NASDAQ:FITB traded down $0.39 during trading on Thursday, reaching $26.84. The stock had a trading volume of 9,617,059 shares, compared to its average volume of 5,817,386. Fifth Third Bancorp has a 1-year low of $26.32 and a 1-year high of $34.67. The firm has a market capitalization of $18.65 billion, a PE ratio of 10.01, a P/E/G ratio of 1.55 and a beta of 1.27. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the business posted $0.45 earnings per share. As a group, analysts expect that Fifth Third Bancorp will post 2.51 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $103,000. Well Done LLC purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $114,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in Fifth Third Bancorp by 8,368.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,980 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 3,933 shares during the last quarter. Summit Trail Advisors LLC raised its stake in Fifth Third Bancorp by 3,223.6% during the 1st quarter. Summit Trail Advisors LLC now owns 127,661 shares of the financial services provider’s stock valued at $128,000 after acquiring an additional 123,820 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $131,000. 83.91% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

See Also: Diversification Important in Investing

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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