Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $54.50 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Fifth Third to $54.50 and maintains an "overweight" rating, implying roughly a 7.37% upside from the prior close.
• Several other brokers have also lifted targets recently, leaving a consensus price target of $57.19 and an average rating of "Moderate Buy."
• Fifth Third reported a strong quarterly beat with $0.83 EPS versus a consensus of ($0.04), while revenue was $2.86B (slightly below estimates); the stock traded around $50.76, up about 1.9%.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target upped by stock analysts at JPMorgan Chase & Co. from $53.00 to $54.50 in a research note issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 7.37% from the company's previous close.

A number of other equities research analysts have also recently weighed in on FITB. Evercore lifted their price target on shares of Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Citigroup lifted their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Friday, January 23rd. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 5th. Zacks Research upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. Finally, Jefferies Financial Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.19.

Fifth Third Bancorp Trading Up 1.9%

FITB stock traded up $0.97 during trading on Thursday, reaching $50.76. 5,985,777 shares of the stock were exchanged, compared to its average volume of 11,057,129. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50 day moving average price of $48.15 and a 200-day moving average price of $47.22. Fifth Third Bancorp has a 1 year low of $35.55 and a 1 year high of $55.44. The firm has a market capitalization of $45.97 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 1.05 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the firm earned $0.71 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 4 earnings per share for the current year.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president owned 76,299 shares of the company's stock, valued at $3,873,700.23. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company's stock.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently modified their holdings of FITB. Vanguard Group Inc. raised its position in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Capital World Investors raised its position in Fifth Third Bancorp by 5.6% in the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock valued at $1,523,650,000 after purchasing an additional 1,719,361 shares during the last quarter. State Street Corp raised its position in Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider's stock valued at $1,484,021,000 after purchasing an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider's stock valued at $1,120,586,000 after buying an additional 530,489 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Company Profile

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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