Fifth Third Bancorp (NASDAQ:FITB) Given "Overweight" Rating at Piper Sandler

Key Points

• Piper Sandler reaffirmed an "Overweight" rating on Fifth Third Bancorp with a reduced $54 price target (from $57), implying roughly a 21% upside from the current price.
• Analyst sentiment is broadly positive—17 analysts rate FITB a Buy and 3 a Hold, giving a consensus "Moderate Buy" with an average price target of $56.84.
• FITB traded at $44.62, has a market cap of about $40.4B, a P/E of 12.6, and a 52‑week range of $32.25–$55.44, with roughly 83.8% institutional ownership.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities research analysts at Piper Sandler in a report issued on Monday,Benzinga reports. They currently have a $54.00 target price on the financial services provider's stock, down from their prior target price of $57.00. Piper Sandler's price objective would indicate a potential upside of 21.01% from the stock's current price.

FITB has been the topic of a number of other reports. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, December 19th. TD Cowen reaffirmed a "buy" rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Robert W. Baird boosted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Wall Street Zen lowered Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, February 7th. Finally, Royal Bank Of Canada boosted their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.84.

Fifth Third Bancorp Stock Performance

FITB stock traded up $0.08 during trading on Monday, reaching $44.62. 3,373,916 shares of the stock were exchanged, compared to its average volume of 12,435,474. The company has a market capitalization of $40.41 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The stock has a 50 day simple moving average of $49.59 and a 200-day simple moving average of $46.54.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of FITB. Evolution Wealth Management Inc. acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $26,000. Westside Investment Management Inc. raised its holdings 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 acquiring an additional 292 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after purchasing an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the fourth quarter valued at about $29,000. Finally, United Community Bank lifted its position in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after purchasing an additional 581 shares during the period. 83.79% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.