Fifth Third Bancorp (NASDAQ:FITB) Given New $45.00 Price Target at UBS Group

Key Points

• UBS Group has increased its price target for Fifth Third Bancorp from $43.00 to $45.00, indicating a potential upside of 2.73% from the current stock price.
• Several analysts have varying ratings for the stock, with Wolfe Research and Wells Fargo recently setting targets of $52.00, while Morgan Stanley has a target of $60.00.
• Fifth Third Bancorp's board has initiated a stock repurchase plan allowing for the buyback of up to 100 million shares, suggesting the management believes the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price lifted by UBS Group from $43.00 to $45.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. UBS Group's price target suggests a potential upside of 2.73% from the stock's current price.

Several other equities research analysts have also recently weighed in on FITB. Wolfe Research boosted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 1st. Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a research report on Tuesday. Piper Sandler lowered their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Tuesday. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Finally, Robert W. Baird raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Thursday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $50.06.

Fifth Third Bancorp Price Performance

FITB stock traded up $0.01 during mid-day trading on Tuesday, hitting $43.80. The company had a trading volume of 8,347,064 shares, compared to its average volume of 5,032,908. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $28.99 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a 50-day moving average price of $44.13 and a 200 day moving average price of $40.64.

Fifth Third Bancorp declared that its board has initiated a stock repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $26,000. HWG Holdings LP purchased a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Banque Transatlantique SA acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $27,000. Activest Wealth Management boosted its stake in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock worth $28,000 after acquiring an additional 626 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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