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

Key Points

• Analysts at Stephens have raised their price target for Fifth Third Bancorp from $47.00 to $49.00, indicating a potential upside of 12.18%.
• The stock has received multiple ratings upgrades, with a current consensus target price of $50.16 and an average rating of "Moderate Buy."
• In a recent share buyback program, Fifth Third Bancorp's board authorized the repurchase of 100 million shares, signaling confidence in the stock's valuation.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target lifted by analysts at Stephens from $47.00 to $49.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. Stephens' price objective points to a potential upside of 12.18% from the stock's current price.

FITB has been the topic of several other reports. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an "overweight" rating in a research report on Tuesday. Piper Sandler lowered their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Tuesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a report on Saturday, September 27th. Robert W. Baird increased their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Thursday, October 2nd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.16.

Fifth Third Bancorp Stock Down 0.3%

Shares of Fifth Third Bancorp stock opened at $43.68 on Tuesday. The business has a fifty day simple moving average of $44.15 and a 200 day simple moving average of $40.67. The stock has a market cap of $28.91 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.40 and a beta of 0.95. 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 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wedmont Private Capital increased its position in Fifth Third Bancorp by 4.2% in the 3rd quarter. Wedmont Private Capital now owns 10,245 shares of the financial services provider's stock valued at $447,000 after buying an additional 414 shares in the last quarter. Czech National Bank raised its position in Fifth Third Bancorp by 3.0% in the third quarter. Czech National Bank now owns 168,106 shares of the financial services provider's stock worth $7,489,000 after acquiring an additional 4,948 shares during the period. Ignite Planners LLC purchased a new position in Fifth Third Bancorp in the third quarter valued at approximately $204,000. Assenagon Asset Management S.A. increased its holdings in Fifth Third Bancorp by 12.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 21,304 shares of the financial services provider's stock worth $949,000 after acquiring an additional 2,369 shares during the last quarter. Finally, Venture Visionary Partners LLC raised its stake in Fifth Third Bancorp by 1.8% in the 3rd quarter. Venture Visionary Partners LLC now owns 97,902 shares of the financial services provider's stock valued at $4,362,000 after acquiring an additional 1,695 shares during the period. 83.79% of the stock is currently owned by 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.

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