Evercore Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $58.00

Key Points

• Evercore raised Fifth Third Bancorp’s price target from $53 to $58, implying about 5.74% upside from the prior close.
• Analyst sentiment remains positive overall: 16 Buy ratings and 5 Hold ratings give the stock a Moderate Buy consensus, with an average target price of $57.59.
• Fifth Third Bancorp shares traded around $54.85 on Wednesday, near their 52-week high of $55.44, after the company recently beat EPS expectations in its latest quarterly report.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective boosted by investment analysts at Evercore from $53.00 to $58.00 in a research note issued to investors on Wednesday,MarketScreener reports. Evercore's target price indicates a potential upside of 5.74% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Wolfe Research cut their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Morgan Stanley cut their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an "overweight" rating in a report on Thursday, April 30th. Finally, Jefferies Financial Group increased their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 8th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.59.

Fifth Third Bancorp Trading Up 0.3%

Shares of NASDAQ:FITB traded up $0.18 during midday trading on Wednesday, hitting $54.85. 415,192 shares of the stock traded hands, compared to its average volume of 9,688,129. The stock has a market capitalization of $49.71 billion, a PE ratio of 18.42, a P/E/G ratio of 1.09 and a beta of 0.92. The business's 50 day moving average is $50.53 and its two-hundred day moving average is $49.40. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $55.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.20. The firm had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the previous year, the company earned $0.71 earnings per share. As a group, research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company's stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds have recently made changes to their positions in the stock. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $25,000. 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 valued at $26,000 after purchasing an additional 236 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Institutional investors own 83.79% of the company's stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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