Fifth Third Bancorp (NASDAQ:FITB) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut Fifth Third Bancorp’s price target from $62 to $58 while maintaining an “overweight” rating, implying 14.11% upside from the prior close.
• Analyst sentiment remains favorable, with MarketBeat reporting an overall “Moderate Buy” rating and an average price target of $61.01.
• Fifth Third shares rose 0.8% to $50.83, while the company’s latest quarterly results showed $0.83 in EPS—slightly below estimates—on revenue of $3.26 billion, up 45.8% year over year.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price cut by stock analysts at JPMorgan Chase & Co. from $62.00 to $58.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 14.11% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Royal Bank Of Canada raised their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research report on Monday, July 20th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Finally, Stephens cut their price target on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $61.01.

Fifth Third Bancorp Trading Up 0.8%

Shares of NASDAQ:FITB traded up $0.42 during trading on Friday, reaching $50.83. The stock had a trading volume of 1,993,278 shares, compared to its average volume of 8,347,406. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market cap of $46.09 billion, a P/E ratio of 17.05, a PEG ratio of 1.09 and a beta of 0.89. The business has a fifty day moving average price of $54.94 and a 200-day moving average price of $52.50. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its 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 firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. The firm's revenue was up 45.8% on a year-over-year basis. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently made changes to their positions in the business. Capital World Investors raised its position in 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 valued at $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. Wellington Management Group LLP raised its holdings in shares of Fifth Third Bancorp by 20.2% during the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider's stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $1,324,903,000. Invesco Ltd. lifted its position in Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock worth $1,114,046,000 after acquiring an additional 2,574,712 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Fifth Third Bancorp in the second quarter valued at approximately $995,717,000. Hedge funds and other institutional investors 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, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.

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