Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $52.00

Key Points

• DA Davidson has raised the price target for Fifth Third Bancorp from $47.00 to $52.00, indicating a potential upside of 19.05% from the previous close, and maintains a "buy" rating on the stock.
• Along with DA Davidson, several other firms have also increased their price targets, with Goldman Sachs setting it at $51.00 and Wells Fargo at $52.00, showing a consensus rating of "Moderate Buy" across analysts.
• Fifth Third Bancorp has initiated a stock buyback plan allowing the repurchase of 100 million shares, signaling that the company's board believes the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective boosted by stock analysts at DA Davidson from $47.00 to $52.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage currently has a "buy" rating on the financial services provider's stock. DA Davidson's price target points to a potential upside of 19.05% from the company's previous close.

A number of other research firms have also commented on FITB. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a report on Saturday, September 27th. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Wolfe Research raised 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. Finally, Robert W. Baird boosted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Thursday, October 2nd. One equities research 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 company's stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average target price of $50.16.

Fifth Third Bancorp Stock Down 0.3%

Shares of NASDAQ:FITB opened at $43.68 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $28.91 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 1.40 and a beta of 0.95. The company has a 50 day moving average of $44.15 and a 200-day moving average of $40.67. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp declared that its board has authorized 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 reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the stock. Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp in the second quarter valued at approximately $26,000. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $27,000. Activest Wealth Management lifted its position in Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 626 shares in the last quarter. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp in the 1st quarter worth $27,000. Finally, Larson Financial Group LLC boosted its stake in Fifth Third Bancorp by 91.3% in 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. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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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