Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $50.00

Key Points

• Robert W. Baird has increased its price target for Fifth Third Bancorp from $48.00 to $50.00, signaling a potential upside of 12.75% from the company's current stock price.
• Wells Fargo & Company and Piper Sandler have also raised their price targets for the bank, with Wells Fargo setting a target of $52.00 and Pratt raising it to $50.00.
• Fifth Third Bancorp has initiated a stock buyback plan to repurchase 100 million shares, indicating a belief by the board that the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price raised by stock analysts at Robert W. Baird from $48.00 to $50.00 in a note issued to investors on Thursday,MarketScreener reports. The firm currently has an "outperform" rating on the financial services provider's stock. Robert W. Baird's price objective suggests a potential upside of 12.75% from the company's current price.

Several other research firms have also recently weighed in on FITB. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Piper Sandler raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research report on Monday. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Evercore ISI boosted their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $49.38.

Fifth Third Bancorp Stock Down 0.0%

Fifth Third Bancorp stock opened at $44.34 on Thursday. The firm has a market capitalization of $29.35 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.43 and a beta of 0.95. The firm's fifty day moving average price is $44.04 and its two-hundred day moving average price is $40.52. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76.

Fifth Third Bancorp declared that its Board of Directors has initiated a stock buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FITB. Evolution Wealth Management Inc. purchased a new position in Fifth Third Bancorp during the second quarter worth about $26,000. HWG Holdings LP acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $27,000. Banque Transatlantique SA purchased a new position in shares of Fifth Third Bancorp during the first quarter worth about $27,000. Activest Wealth Management raised its stake in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock worth $28,000 after purchasing an additional 626 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

About Fifth Third Bancorp

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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