Fifth Third Bancorp (NASDAQ:FITB) Given New $61.00 Price Target at Stephens

Key Points

• Stephens lowered Fifth Third Bancorp’s price target from $63 to $61 while maintaining an “equal weight” rating, implying 17.78% upside from the prior close.
• Analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” consensus rating and an average target price of $61.20 based on 23 ratings.
• Fifth Third reported quarterly EPS of $0.83, slightly below the $0.84 estimate, while revenue of $3.26 billion exceeded expectations and rose 45.8% year over year; institutional investors own 83.79% of shares.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective decreased by equities researchers at Stephens from $63.00 to $61.00 in a research report issued on Tuesday. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Stephens' price objective suggests a potential upside of 17.78% from the company's previous close.

A number of other analysts have also recently weighed in on the stock. Royal Bank Of Canada increased their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a report on Monday, July 20th. Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. DA Davidson boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. JPMorgan Chase & Co. increased their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Citigroup raised shares of Fifth Third Bancorp from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $59.00 to $62.00 in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $61.20.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ:FITB opened at $51.79 on Tuesday. The stock has a market cap of $46.97 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50-day simple moving average is $55.75 and its 200 day simple moving average is $52.26. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm's quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. Invesco Ltd. increased its holdings in Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after buying an additional 2,574,712 shares during the period. Wellington Management Group LLP raised its position in Fifth Third Bancorp by 20.2% in the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider's stock worth $1,333,362,000 after purchasing an additional 3,972,795 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock valued at $848,672,000 after acquiring an additional 96,656 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

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