Piper Sandler Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $48.00

Key Points

• Piper Sandler has reduced its price target for Fifth Third Bancorp from $50.00 to $48.00, while maintaining an "overweight" rating on the stock, suggesting a potential upside of 9.61% from the stock's previous close.
• Several brokerages have recently adjusted their price targets for Fifth Third Bancorp, with Wolfe Research raising its target to $52.00, indicating varied positive sentiment among analysts.
• The bank has initiated a share repurchase program allowing it to buy back up to 100 million outstanding shares, typically a sign of management's confidence in the stock's valuation.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective dropped by equities research analysts at Piper Sandler from $50.00 to $48.00 in a report released on Tuesday,MarketScreener reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 9.61% from the stock's previous close.

A number of other brokerages have also commented on FITB. Wolfe Research lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 1st. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a research report on Tuesday, September 30th. DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the stock from $42.00 to $47.00 in a research report on Monday, June 9th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a report on Saturday, September 27th. Finally, The Goldman Sachs Group upped their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a "buy" rating in a research note on Friday. Two investment 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 stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.35.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $43.79 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a market capitalization of $28.98 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95. The firm has a 50 day moving average of $44.13 and a 200 day moving average of $40.64. 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 declared that its board has initiated a share repurchase program on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the business. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $26,000. HWG Holdings LP purchased a new position in shares of Fifth Third Bancorp in the first quarter worth $27,000. Banque Transatlantique SA acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $27,000. Activest Wealth Management boosted its position in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider's stock valued at $28,000 after buying an additional 626 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 357 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

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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