Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised the price target for Fifth Third Bancorp's stock from $47.00 to $50.00, indicating a potential upside of 14.18%.
• A majority of analysts maintain a positive outlook on the stock, with two analysts giving it a Strong Buy rating and others assigning it overall ratings of Buy and Hold.
• The company recently authorized a share buyback plan for 100 million shares, signaling management's belief that the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective raised by equities research analysts at Keefe, Bruyette & Woods from $47.00 to $50.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective points to a potential upside of 14.18% from the stock's previous close.

A number of other analysts have also recently commented on FITB. Piper Sandler lifted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. TD Cowen upped their price objective on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, The Goldman Sachs Group increased their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average target price of $50.35.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $43.79 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The business's fifty day moving average price is $44.13 and its two-hundred day moving average price is $40.64. The stock has a market cap of $28.98 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp announced that its board has authorized a share buyback plan on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of FITB. Evolution Wealth Management Inc. bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $26,000. HWG Holdings LP bought a new position in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp in the first quarter worth $27,000. Activest Wealth Management increased its stake in 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 valued at $28,000 after purchasing an additional 626 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Fifth Third Bancorp by 91.3% during the first 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. 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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