Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Janney Montgomery Scott Analyst Says

Key Points

• Janney Montgomery Scott raised its price target for Fifth Third Bancorp from $50.00 to $51.00, indicating a potential upside of 16.42% from the current price, while maintaining a "buy" rating.
• Other analysts have also increased their price targets, with TD Cowen setting a target of $57.00 and Morgan Stanley at $60.00, collectively reflecting positive sentiment around the stock.
• Fifth Third Bancorp's board approved a stock buyback plan for up to 100 million outstanding shares, suggesting that the company’s leadership believes its shares are currently undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective increased by equities researchers at Janney Montgomery Scott from $50.00 to $51.00 in a report issued on Tuesday,MarketScreener reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Janney Montgomery Scott's price objective points to a potential upside of 16.42% from the company's current price.

A number of other equities research analysts also recently weighed in on FITB. Stephens lifted their price objective on Fifth Third Bancorp from $47.00 to $49.00 in a report on Tuesday. TD Cowen boosted their price target on Fifth Third Bancorp from $53.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fifth Third Bancorp in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "market perform" rating in a report on Tuesday. Finally, Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $50.20.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $43.81 on Tuesday. The firm has a market cap of $28.99 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.40 and a beta of 0.95. The firm's 50-day simple moving average is $44.22 and its 200-day simple moving average is $40.71. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp announced that its board has approved a stock buyback 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 repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Allianz Asset Management GmbH increased its stake in shares of Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after buying an additional 16,000 shares during the period. Principal Financial Group Inc. increased its position in Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock worth $32,088,000 after purchasing an additional 12,905 shares during the period. Heartland Bank & Trust Co bought a new stake in Fifth Third Bancorp during the 1st quarter worth about $1,011,000. U.S. Capital Wealth Advisors LLC lifted its position in Fifth Third Bancorp by 49.5% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after purchasing an additional 15,692 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Fifth Third Bancorp by 1,448.6% in the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock valued at $3,845,000 after purchasing an additional 91,754 shares during the last quarter. Institutional investors and hedge funds 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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