Fifth Third Bancorp (NASDAQ:FITB) Given New $67.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Fifth Third Bancorp to $67 from $58 and kept an overweight rating, implying about 17.2% upside from the current share price.
• Other analysts have also been constructive on FITB, with several recent target increases; overall, the stock now carries a Moderate Buy consensus and an average target price of $58.39.
• Fifth Third Bancorp recently beat quarterly EPS estimates, reporting $0.83 per share versus expectations of $0.63, while the shares were trading around $57.15 near their 52-week high.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective lifted by equities research analysts at Wells Fargo & Company from $58.00 to $67.00 in a research note issued on Monday, Marketbeat.com reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price target indicates a potential upside of 17.23% from the company's current price.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Morgan Stanley raised their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Finally, Truist Financial upped their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $58.39.

Fifth Third Bancorp Trading Down 0.0%

Shares of FITB stock opened at $57.15 on Monday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $58.15. The stock's fifty day simple moving average is $51.55 and its 200 day simple moving average is $49.96. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $51.80 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (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 during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the business earned $0.71 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 189,382 shares in the company, valued at approximately $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. 0.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock worth $3,929,647,000 after purchasing an additional 637,207 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Capital World Investors grew its position in Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock worth $1,523,650,000 after buying an additional 1,719,361 shares in the last quarter. State Street Corp increased its stake in Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider's stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Fifth Third Bancorp by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider's stock valued at $1,120,586,000 after acquiring an additional 530,489 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

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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