JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Fifth Third Bancorp from $54.50 to $61.00 and kept an overweight rating, implying about 6.73% upside from the prior close.
• Analyst sentiment remains broadly positive: 16 analysts rate the stock a Buy and five a Hold, with MarketBeat showing an average rating of Moderate Buy and an average price target of $58.71.
• Fifth Third also reported solid recent results, posting $0.83 EPS versus the $0.63 consensus estimate, while shares recently traded near their 52-week high at $57.15.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $54.50 to $61.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 6.73% from the stock's previous close.

Several other equities analysts have also recently weighed in on FITB. Stephens began coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. Wolfe Research decreased their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Truist Financial increased their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Finally, Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $58.71.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $57.15 on Monday. The company has a fifty day moving average price of $51.55 and a 200 day moving average price of $49.96. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $58.15. The firm has a market cap of $51.80 billion, a PE ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter last year, the firm earned $0.71 EPS. Research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company's stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FITB. Robinhood Asset Management LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $8,529,000. Nordea Investment Management AB increased its position in Fifth Third Bancorp by 3.2% during the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock worth $59,788,000 after purchasing an additional 39,261 shares in the last quarter. Franklin Resources Inc. lifted its stake in Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock valued at $353,354,000 after purchasing an additional 690,648 shares during the last quarter. Geode Capital Management LLC lifted its stake in Fifth Third Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $1,514,000. 83.79% of the stock is currently 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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