Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $51.00 by Analysts at Evercore

Key Points

• Evercore cut its price target on Fifth Third Bancorp to $51.00 from $57.00, implying about a 7.31% upside from the prior close.
• Analysts are mixed—several firms trimmed targets (Jefferies, Wolfe, Piper Sandler) while Barclays and Wells Fargo raised theirs—leaving a MarketBeat consensus of Moderate Buy with an average target of $55.84.
• Fifth Third shares opened at $47.53, trade in a 52‑week range of $32.25–$55.44, and the company has a market cap of about $43.0 billion and a P/E near 13.4.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective decreased by research analysts at Evercore from $57.00 to $51.00 in a report released on Monday,MarketScreener reports. Evercore's target price suggests a potential upside of 7.31% from the stock's previous close.

FITB has been the subject of several other reports. Jefferies Financial Group reduced their target price on Fifth Third Bancorp from $60.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, March 24th. Wolfe Research reduced their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Barclays boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $55.84.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $47.53 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The company's 50-day moving average price is $49.16 and its 200 day moving average price is $46.57. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44. The stock has a market cap of $43.04 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 0.93 and a beta of 0.95.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently modified their holdings of FITB. Westside Investment Management Inc. raised its stake in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after acquiring an additional 292 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. Finally, Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $26,000. 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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