Fifth Third Bancorp (NASDAQ:FITB) Stock Rating Upgraded by StockNews.com

Fifth Third Bancorp (NASDAQ:FITB) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Monday.

FITB has been the subject of several other reports. Argus raised their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Evercore ISI raised their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada raised their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average target price of $42.28.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $43.66 on Monday. The stock has a fifty day moving average price of $42.32 and a two-hundred day moving average price of $39.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $29.87 billion, a P/E ratio of 13.86, a PEG ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The business’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 business posted $0.92 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its holdings in Fifth Third Bancorp by 13.4% during the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after buying an additional 5,512,333 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Fifth Third Bancorp by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after buying an additional 281,494 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Fifth Third Bancorp by 4.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after buying an additional 399,827 shares in the last quarter. LSV Asset Management grew its position in shares of Fifth Third Bancorp by 2.3% in the first quarter. LSV Asset Management now owns 4,434,700 shares of the financial services provider’s stock valued at $165,015,000 after purchasing an additional 99,593 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 3.4% in the second quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock valued at $62,096,000 after purchasing an additional 56,298 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

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.