Analysts Set Fifth Third Bancorp (NASDAQ:FITB) Target Price at $46.75

Fifth Third Bancorp (NASDAQ:FITB) has received an average recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the firm, Marketbeat.com reports. Nine analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $47.31.

Several research analysts recently commented on the company. DA Davidson boosted their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Barclays upped their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $38.23 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The company’s fifty day moving average price is $43.08 and its two-hundred day moving average price is $43.77. The firm has a market capitalization of $25.54 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its position in Fifth Third Bancorp by 32.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,640 shares of the financial services provider’s stock worth $156,000 after acquiring an additional 883 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Fifth Third Bancorp in the third quarter worth about $273,000. National Pension Service lifted its holdings in Fifth Third Bancorp by 12.6% in the third quarter. National Pension Service now owns 1,156,562 shares of the financial services provider’s stock worth $49,547,000 after purchasing an additional 129,226 shares during the period. Asset Management One Co. Ltd. grew its position in Fifth Third Bancorp by 0.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 257,478 shares of the financial services provider’s stock valued at $11,030,000 after buying an additional 879 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Fifth Third Bancorp by 15.1% during the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after buying an additional 9,444 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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.