Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Piper Sandler Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by equities researchers at Piper Sandler from $49.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 15.24% from the stock’s current price.

FITB has been the subject of several other research reports. Barclays lifted their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Morgan Stanley lifted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Evercore ISI boosted their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $44.81.

Fifth Third Bancorp Trading Down 0.4 %

Shares of FITB stock opened at $46.86 on Tuesday. The firm has a 50-day moving average price of $44.98 and a 200 day moving average price of $41.23. Fifth Third Bancorp has a twelve month low of $30.01 and a twelve month high of $49.07. The company has a market capitalization of $31.42 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 2.28 and a beta of 1.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 EPS. Research analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently made changes to their positions in FITB. Venturi Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at approximately $36,000. Hexagon Capital Partners LLC raised its position in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at approximately $39,000. Finally, American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at approximately $34,000. 83.79% of the stock is 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.