Evercore Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Key Points

• Evercore raised its price target on Fifth Third to $53 from $51, implying roughly a 2.8% upside, while analysts' consensus remains a “Moderate Buy” with an average target of $56.66.
• Fifth Third beat EPS expectations, reporting $0.83 vs. a -$0.04 consensus for the quarter (revenue $2.86B was slightly below estimates), and the stock traded around $51.54, up about 1.1% on the report.
• Key fundamentals: market cap about $46.7B, P/E ~17.3, PEG ~1.03, and institutional ownership around 83.8%.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target increased by stock analysts at Evercore from $51.00 to $53.00 in a research report issued on Tuesday,MarketScreener reports. Evercore's target price points to a potential upside of 2.83% from the company's previous close.

Other research analysts have also issued research reports about the stock. Morgan Stanley lowered their price target on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. TD Cowen reiterated a "buy" rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Piper Sandler reiterated an "overweight" rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. UBS Group reiterated a "buy" rating and issued a $59.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Finally, Truist Financial lowered their price objective on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a "buy" rating for the company in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $56.66.

Fifth Third Bancorp Trading Up 1.1%

Fifth Third Bancorp stock traded up $0.56 during mid-day trading on Tuesday, hitting $51.54. 1,068,795 shares of the stock were exchanged, compared to its average volume of 11,531,353. 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 has a 12 month low of $33.52 and a 12 month high of $55.44. The firm's fifty day simple moving average is $48.59 and its two-hundred day simple moving average is $46.91. The stock has a market capitalization of $46.68 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.03 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the business earned $0.71 EPS. Analysts forecast that Fifth Third Bancorp will post 4.06 EPS for the current year.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the business. Westside Investment Management Inc. grew its position in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 292 shares during the period. Harbor Investment Advisory LLC grew its position in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at $29,000. Leonteq Securities AG acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at $30,000. Finally, Reflection Asset Management acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at $30,000. Institutional investors and hedge funds 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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