Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $65.00 at Jefferies Financial Group

Key Points

• Jefferies lowered Fifth Third Bancorp’s price target from $70 to $65 but maintained a “buy” rating, implying approximately 25.5% upside from the stock’s $51.79 price.
• Analyst sentiment remains positive, with the stock holding a consensus “Moderate Buy” rating and an average price target of $61.20.
• Fifth Third slightly missed quarterly EPS estimates, reporting $0.83 versus $0.84 expected, while revenue rose 45.8% year over year to $3.26 billion; institutional investors own 83.79% of the shares.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target cut by equities researchers at Jefferies Financial Group from $70.00 to $65.00 in a research note issued on Thursday. The brokerage presently has a "buy" rating on the financial services provider's stock. Jefferies Financial Group's target price indicates a potential upside of 25.50% from the company's current price.

FITB has been the topic of several other reports. Bank of America increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. UBS Group upped their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Evercore set a $60.00 price objective on Fifth Third Bancorp in a report on Monday, July 6th. One research 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.20.

Fifth Third Bancorp Trading Up 0.2%

Shares of NASDAQ:FITB opened at $51.79 on Thursday. The company's 50 day moving average is $55.75 and its two-hundred day moving average is $52.26. The company has a market cap of $46.97 billion, a PE ratio of 17.34, a P/E/G ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

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

Institutional Trading of Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Fifth Third Bancorp during the second quarter valued at $1,324,903,000. Bank of America Corp DE purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $995,717,000. Norges Bank acquired a new stake in Fifth Third Bancorp during the fourth quarter valued at $649,264,000. Legal & General Group Plc acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $314,122,000. Finally, Wellington Management Group LLP grew 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 acquiring an additional 3,972,795 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

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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