Morgan Stanley Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Key Points

• Morgan Stanley raised its price target on Fifth Third Bancorp to $64 from $60 and kept an overweight rating, implying about 13.6% upside from the current share price.
• Analyst sentiment remains constructive overall, with 16 Buy ratings and 5 Hold ratings on the stock; the consensus price target is $57.94.
• Fifth Third Bancorp recently posted better-than-expected earnings of $0.83 per share versus estimates of $0.63, though revenue came in slightly below forecasts.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its target price increased by analysts at Morgan Stanley from $60.00 to $64.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm currently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's target price points to a potential upside of 13.57% from the stock's current price.

Several other research analysts have also issued reports on FITB. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. DA Davidson reaffirmed a "buy" rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 20th. Truist Financial upped their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Piper Sandler reissued an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.94.

Fifth Third Bancorp Stock Performance

FITB traded up $0.04 during trading on Monday, reaching $56.35. 463,311 shares of the company's stock were exchanged, compared to its average volume of 9,664,216. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $56.76. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50 day moving average price of $50.90 and a 200 day moving average price of $49.62. The company has a market capitalization of $51.07 billion, a P/E ratio of 18.90, a PEG ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the prior year, the company posted $0.71 EPS. As a group, analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of FITB. Empowered Funds LLC grew its holdings in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after purchasing an additional 916 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after buying an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after buying an additional 759 shares in the last quarter. Brown Advisory Inc. grew its holdings in Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after acquiring an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new stake in Fifth Third Bancorp during the 2nd quarter worth about $968,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Company Profile

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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