JPMorgan Chase & Co. Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target raised by research analysts at JPMorgan Chase & Co. from $54.50 to $61.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 6.73% from the company’s current price.

Several other brokerages also recently commented on FITB. Truist Financial lifted their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 8th. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $58.71.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $57.15 on Monday. The business has a 50 day moving average of $51.55 and a 200-day moving average of $49.96. The company has a market capitalization of $51.80 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.15. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the company earned $0.71 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds have recently modified their holdings of the company. Empowered Funds LLC lifted its holdings in Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 916 shares during the period. Woodline Partners LP grew its stake in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Fifth Third Bancorp during the second quarter valued at about $968,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.