Evercore ISI Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $47.00

by · The Markets Daily

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) had its target price lifted by research analysts at Evercore ISI from $46.00 to $47.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s price target would indicate a potential upside of 12.60% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Bank of America lifted their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $41.78.

Check Out Our Latest Report on Fifth Third Bancorp

Fifth Third Bancorp Stock Down 0.6 %

FITB stock opened at $41.74 on Wednesday. The business’s 50 day simple moving average is $41.48 and its 200 day simple moving average is $38.54. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $43.85. The firm has a market capitalization of $28.55 billion, a PE ratio of 13.25, a PEG ratio of 2.03 and a beta of 1.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the previous year, the company earned $0.87 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current year.

Insider Activity

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,500 shares of company stock valued at $2,269,920. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several large investors have recently added to or reduced their stakes in FITB. Park Avenue Securities LLC boosted its holdings in Fifth Third Bancorp by 2.7% during the 3rd quarter. Park Avenue Securities LLC now owns 60,870 shares of the financial services provider’s stock worth $2,608,000 after acquiring an additional 1,589 shares during the last quarter. Czech National Bank increased its stake in Fifth Third Bancorp by 5.8% in the 3rd quarter. Czech National Bank now owns 137,886 shares of the financial services provider’s stock valued at $5,907,000 after buying an additional 7,535 shares during the last quarter. Trust Co. of Toledo NA OH lifted its holdings in Fifth Third Bancorp by 7.5% during the third quarter. Trust Co. of Toledo NA OH now owns 51,747 shares of the financial services provider’s stock worth $2,217,000 after acquiring an additional 3,596 shares during the period. Heritage Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $593,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at approximately $3,857,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

(Get Free Report)

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.

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