Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $60.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by stock analysts at Jefferies Financial Group from $55.00 to $60.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price target points to a potential upside of 20.85% from the company’s previous close.

FITB has been the subject of a number of other research reports. UBS Group restated a “buy” rating and set a $59.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 26th. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, March 13th. JPMorgan Chase & Co. raised their price objective on shares of Fifth Third Bancorp from $50.50 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Janney Montgomery Scott raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.41.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $49.65 on Wednesday. Fifth Third Bancorp has a 52-week low of $32.27 and a 52-week high of $55.44. The company has a 50-day simple moving average of $49.04 and a 200 day simple moving average of $46.59. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market capitalization of $44.96 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95.

Institutional Trading of Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of FITB. AE Wealth Management LLC grew its stake in Fifth Third Bancorp by 4.7% during the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock valued at $15,503,000 after acquiring an additional 15,627 shares in the last quarter. Bahl & Gaynor Inc. grew its stake in Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock valued at $7,189,000 after acquiring an additional 24,566 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock valued at $90,131,000 after acquiring an additional 48,080 shares in the last quarter. Generali Asset Management SPA SGR purchased a new position in Fifth Third Bancorp during the third quarter valued at approximately $1,314,000. Finally, Westfield Capital Management Co. LP grew its stake in Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock valued at $72,169,000 after acquiring an additional 340,030 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

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.