Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $49.00 at Argus

Key Points

• Fifth Third Bancorp's price target was raised to $49.00 by Argus, indicating a potential upside of 12.18% from its previous closing price.
• Multiple analysts have issued varying price targets, with Morgan Stanley setting a price objective of $60.00, while the average target price across analysts is $50.16.
• The company announced a share repurchase plan allowing it to buy back 100 million shares, reflecting the board's belief that the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective upped by research analysts at Argus from $46.00 to $49.00 in a research report issued on Tuesday,MarketScreener reports. Argus' price objective would suggest a potential upside of 12.18% from the company's previous close.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a report on Tuesday. TD Cowen upped their target price on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday. Piper Sandler decreased their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Thursday, October 2nd. Finally, Wolfe Research lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $50.16.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.68 on Tuesday. The business has a 50-day moving average price of $44.15 and a 200-day moving average price of $40.67. The firm has a market cap of $28.91 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 1.40 and a beta of 0.95. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $357,440,000. Nuveen LLC purchased a new stake in Fifth Third Bancorp in the 1st quarter worth about $334,805,000. Invesco Ltd. raised its position in Fifth Third Bancorp by 16.6% in the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider's stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Fifth Third Bancorp in the first quarter worth about $113,900,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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