Fifth Third Bancorp (NASDAQ:FITB) Given New $60.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Fifth Third Bancorp from $57 to $60 and kept a buy rating, implying about 8.6% upside from the current share price.
• The stock was trading around $55.23, up 1.0% on the day, near its 52-week high of $55.44, while analysts overall now have a Moderate Buy consensus with an average target of $57.74.
• Fifth Third recently posted strong quarterly earnings, reporting $0.83 EPS versus the $0.63 estimate, even as revenue came in slightly below expectations at $2.83 billion.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective raised by stock analysts at Truist Financial from $57.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective would indicate a potential upside of 8.63% from the company's current price.

FITB has been the topic of several other reports. Wolfe Research cut their target price on 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. JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Evercore boosted their price target on Fifth Third Bancorp from $53.00 to $58.00 in a research note on Wednesday. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Finally, DA Davidson restated a "buy" rating and issued a $58.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average price target of $57.74.

Fifth Third Bancorp Trading Up 1.0%

Shares of NASDAQ FITB traded up $0.56 during trading hours on Wednesday, reaching $55.23. The stock had a trading volume of 1,344,188 shares, compared to its average volume of 9,695,826. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $50.06 billion, a price-to-earnings ratio of 18.51, a P/E/G ratio of 1.09 and a beta of 0.92. The business's fifty day moving average price is $50.53 and its two-hundred day moving average price is $49.40. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the firm posted $0.71 EPS. Analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Insider Activity

In other 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 transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company's stock.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in FITB. Empowered Funds LLC boosted its holdings in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock valued at $543,000 after acquiring an additional 916 shares during the period. Woodline Partners LP increased its holdings in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after acquiring an additional 16,323 shares during the period. EverSource Wealth Advisors LLC raised its position in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 759 shares during the last quarter. Brown Advisory Inc. boosted its stake in Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after purchasing an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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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