Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Key Points

• Keefe, Bruyette & Woods raised its price target on Fifth Third Bancorp to $60 from $58, while keeping a market perform rating; that implies about 3.6% upside from the prior close.
• Analyst sentiment remains broadly positive, with multiple firms recently lifting targets and the stock carrying a consensus Moderate Buy rating and an average target price of $59.36.
• Fifth Third’s latest quarter showed EPS of $0.83, slightly below expectations, while revenue of $3.26 billion came in above estimates; the stock was trading near its 52-week high around $57.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective increased by investment analysts at Keefe, Bruyette & Woods from $58.00 to $60.00 in a report released on Monday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 3.59% from the stock's previous close.

Several other equities analysts have also recently weighed in on the stock. UBS Group raised their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Barclays increased their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a report on Monday, April 20th. JPMorgan Chase & Co. raised their target price on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Stephens initiated coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price target on the stock. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average target price of $59.36.

Fifth Third Bancorp Stock Down 0.2%

FITB stock opened at $57.92 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $52.49 billion, a P/E ratio of 19.44, a P/E/G ratio of 1.09 and a beta of 0.90. The business has a 50-day moving average of $53.01 and a 200-day moving average of $50.63. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

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

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company's stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds have recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the 1st quarter valued at about $25,000. SouthState Bank Corp increased its stake 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 purchasing an additional 236 shares during the period. Harbor Investment Advisory LLC lifted its holdings in Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after purchasing an additional 517 shares during the last quarter. Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, Leonteq Securities AG acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $30,000. Institutional investors and hedge funds own 83.79% of the company's stock.

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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