Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised Fifth Third Bancorp’s price target from $61 to $62 and maintained an “overweight” rating, implying 8.88% potential upside.
• Analyst sentiment is broadly positive: Fifth Third has a consensus “Moderate Buy” rating and an average target price of $60.54, supported by recent target increases from Wells Fargo, DA Davidson, Goldman Sachs, and Keefe, Bruyette & Woods.
• The bank’s latest quarterly results were mixed, with earnings per share of $0.83 slightly below estimates but revenue of $3.26 billion exceeding forecasts and rising 45.8% year over year; institutional investors own 83.79% of its shares.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target increased by research analysts at JPMorgan Chase & Co. from $61.00 to $62.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 8.88% from the stock's current price.

A number of other analysts also recently issued reports on the company. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. DA Davidson lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.86 during midday trading on Wednesday, hitting $56.94. The company had a trading volume of 2,096,838 shares, compared to its average volume of 9,204,329. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The company has a fifty day moving average of $54.36 and a two-hundred day moving average of $51.09. The company has a market cap of $51.61 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp's revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Center for Financial Planning Inc. purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $25,000. SouthState Bank Corp grew its holdings in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $30,000. Finally, Reflection Asset Management acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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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