Evercore ISI Raises Fifth Third Bancorp (NASDAQ:FITB) Price Target to $57.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by research analysts at Evercore ISI from $52.00 to $57.00 in a report issued on Thursday,MarketScreener reports. Evercore ISI’s price objective would indicate a potential upside of 3.49% from the company’s current price.

A number of other brokerages also recently weighed in on FITB. Citigroup upped their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. TD Cowen reaffirmed a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a report on Tuesday. Truist Financial raised their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Robert W. Baird lifted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.58.

Fifth Third Bancorp Stock Performance

FITB opened at $55.08 on Thursday. The business has a 50 day moving average price of $48.74 and a two-hundred day moving average price of $45.20. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $36.41 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $55.36.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The company had revenue of $3.82 billion for the quarter. Research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after buying an additional 637,207 shares during the last quarter. Capital World Investors grew its position in Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after acquiring an additional 1,803,861 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 1.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after purchasing an additional 398,517 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after purchasing an additional 546,914 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after purchasing an additional 619,956 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.