Jefferies Financial Group Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $65.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price lowered by analysts at Jefferies Financial Group from $70.00 to $65.00 in a report issued on Thursday. The firm currently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 25.50% from the stock’s current price.

Several other brokerages also recently issued reports on FITB. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Citigroup upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $59.00 to $62.00 in a report on Tuesday. Truist Financial dropped their target price on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Robert W. Baird lifted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus target price of $61.20.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $51.79 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s 50-day simple moving average is $55.75 and its 200 day simple moving average is $52.26. The stock has a market cap of $46.97 billion, a P/E ratio of 17.34, a PEG ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business earned $0.88 EPS. Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. As a group, research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fifth Third Bancorp

Several large investors have recently modified their holdings of FITB. QRG Capital Management Inc. grew its position in shares of Fifth Third Bancorp by 15.1% in the 2nd quarter. QRG Capital Management Inc. now owns 37,424 shares of the financial services provider’s stock valued at $2,110,000 after buying an additional 4,911 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Fifth Third Bancorp by 115.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 35,927 shares of the financial services provider’s stock valued at $2,025,000 after buying an additional 19,253 shares during the period. Security National Bank of SO Dak acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $25,000. Junto Capital Management LP increased its position in shares of Fifth Third Bancorp by 85.2% during the second quarter. Junto Capital Management LP now owns 1,094,284 shares of the financial services provider’s stock worth $61,685,000 after acquiring an additional 503,306 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Fifth Third Bancorp by 4.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 49,334 shares of the financial services provider’s stock valued at $2,781,000 after buying an additional 2,261 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.