Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $60.00 at Morgan Stanley

Key Points

• Morgan Stanley cut its price target on Fifth Third Bancorp to $60 from $67 but kept an "overweight" rating, implying roughly a 29.4% upside from the current share price.
• Overall analyst sentiment remains positive with 17 Buys and 3 Holds and a consensus target of $56.24, giving the stock a "Moderate Buy" consensus.
• Fifth Third was trading around $46.37 mid-day (market cap ~$41.99B) with a PE of 13.1, providing valuation context to the upside targets.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price cut by equities researchers at Morgan Stanley from $67.00 to $60.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's target price would indicate a potential upside of 29.40% from the stock's current price.

Several other research firms have also weighed in on FITB. TD Cowen reaffirmed a "buy" rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Robert W. Baird boosted their price target on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Royal Bank Of Canada upped their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 21st. Piper Sandler reaffirmed an "overweight" rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday. Finally, Wall Street Zen cut shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus target price of $56.24.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded up $1.69 during mid-day trading on Tuesday, hitting $46.37. 7,367,996 shares of the company were exchanged, compared to its average volume of 12,422,441. The company has a market capitalization of $41.99 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The business has a fifty day moving average of $49.50 and a 200 day moving average of $46.53. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $55.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Evolution Wealth Management Inc. acquired a new position in shares of Fifth Third Bancorp during the second quarter worth approximately $26,000. Westside Investment Management Inc. raised its position 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 worth $26,000 after purchasing an additional 292 shares during the last quarter. Harbor Investment Advisory LLC raised its position in 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 worth $29,000 after purchasing an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the 4th quarter worth $29,000. Finally, United Community Bank boosted its position in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after buying an additional 581 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

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.