Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Fifth Third Bancorp had its price target raised from $48.00 to $52.00 by Truist Financial, suggesting a potential upside of 13.85% from the previous close, with a "buy" rating.
• The company recently approved a stock repurchase program allowing for the buyback of 100 million shares, indicating that management believes the stock is currently undervalued.
• Institutional investors have shown increased interest, with significant positions being adjusted, as 83.79% of the stock is now owned by hedge funds and other institutional investors.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target hoisted by equities research analysts at Truist Financial from $48.00 to $52.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's target price would suggest a potential upside of 13.85% from the company's previous close.

FITB has been the topic of several other reports. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. TD Cowen began coverage on shares of Fifth Third Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Jefferies Financial Group began coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.33.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $0.41 during midday trading on Friday, hitting $45.68. The stock had a trading volume of 1,911,053 shares, compared to its average volume of 4,872,071. The company's 50-day moving average price is $43.44 and its 200-day moving average price is $40.08. The company has a market capitalization of $30.23 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp declared that its board has approved a stock repurchase program 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 programs are typically a sign that the company's leadership believes its shares are undervalued.

Institutional Trading of Fifth Third Bancorp

Large investors have recently made changes to their positions in the stock. Osaic Holdings Inc. lifted its position in shares of Fifth Third Bancorp by 191.3% in the 2nd quarter. Osaic Holdings Inc. now owns 381,379 shares of the financial services provider's stock worth $15,180,000 after purchasing an additional 250,438 shares during the period. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $26,000. Orion Porfolio Solutions LLC lifted its position in shares of Fifth Third Bancorp by 30.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 14,259 shares of the financial services provider's stock worth $586,000 after purchasing an additional 3,306 shares during the period. Stance Capital LLC purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $381,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Fifth Third Bancorp by 15.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 8,095 shares of the financial services provider's stock worth $333,000 after purchasing an additional 1,053 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.