Fifth Third Bancorp (NASDAQ:FITB) Given New $60.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Fifth Third Bancorp’s price target from $58 to $60 and maintained an “overweight” rating, implying 11.37% potential upside from the reported $53.88 share price.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $60.87.
• Fifth Third exceeded quarterly EPS expectations, reporting $1.13 versus the $0.86 consensus estimate, while revenue rose 42.4% year over year to $3.28 billion but came in slightly below forecasts.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target boosted by equities research analysts at JPMorgan Chase & Co. from $58.00 to $60.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 11.37% from the stock's current price.

FITB has been the topic of several other reports. Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Jefferies Financial Group reduced their price objective on Fifth Third Bancorp from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. 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, September 23rd. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Finally, DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $60.87.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.56 during trading hours on Friday, hitting $53.88. 6,625,257 shares of the company were exchanged, compared to its average volume of 8,288,444. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $48.86 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.09 and a beta of 0.97. The company's 50 day moving average price is $52.76 and its 200-day moving average price is $52.00.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The firm had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm's revenue for the quarter was up 42.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. As a group, research analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares of the company's stock, valued at $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.51% of the stock is owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Basecamp Wealth Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock valued at $180,000 after purchasing an additional 201 shares in the last quarter. Legacy Wealth Managment LLC ID raised its position in shares of Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock valued at $61,000 after buying an additional 212 shares in the last quarter. CFS Investment Advisory Services LLC grew its stake in shares of Fifth Third Bancorp by 2.0% in the third quarter. CFS Investment Advisory Services LLC now owns 11,563 shares of the financial services provider's stock worth $590,000 after purchasing an additional 223 shares during the last quarter. SouthState Bank Corp grew its stake in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after purchasing an additional 236 shares during the period. Finally, 55 North Private Wealth LLC grew its stake in shares of Fifth Third Bancorp by 7.0% during the 3rd quarter. 55 North Private Wealth LLC now owns 4,044 shares of the financial services provider's stock valued at $205,000 after purchasing an additional 264 shares during the period. 83.79% of the stock is owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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