Fifth Third Bancorp (NASDAQ:FITB) Given New $49.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has raised Fifth Third Bancorp's price target from $45.00 to $49.00, indicating a potential upside of 7.93% from its current price.
• The stock has received varied ratings from analysts, with two Strong Buy, ten Buy, four Hold, and one Sell rating, averaging a consensus target price of $49.00.
• Fifth Third Bancorp's board has approved a stock buyback program allowing the repurchase of 100 million shares, signaling confidence in the company’s stock value.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective hoisted by equities research analysts at Evercore ISI from $45.00 to $49.00 in a note issued to investors on Tuesday,MarketScreener reports. Evercore ISI's price target would indicate a potential upside of 7.93% from the stock's current price.

Several other research firms also recently issued reports on FITB. Truist Financial increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Citigroup lifted their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Piper Sandler boosted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Finally, Morgan Stanley increased their price target on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

Fifth Third Bancorp Stock Down 0.1%

FITB opened at $45.40 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company's 50-day moving average price is $43.97 and its two-hundred day moving average price is $40.47. The stock has a market cap of $30.05 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.45 and a beta of 0.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp announced that its board has approved a stock buyback program on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Institutional Trading of Fifth Third Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $26,000. HWG Holdings LP bought a new position in Fifth Third Bancorp in the first quarter worth $27,000. Activest Wealth Management lifted its position in Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock valued at $28,000 after buying an additional 626 shares during the period. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Finally, Larson Financial Group LLC grew its position in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

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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