The Goldman Sachs Group Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Key Points

• Goldman Sachs Group has raised its price target for Fifth Third Bancorp (NASDAQ:FITB) from $49.00 to $51.00, indicating a potential upside of 15.33% from the current stock price.
• The stock has received mixed ratings with two analysts
• Fifth Third Bancorp has initiated a stock buyback plan allowing it to reacquire up to 100 million shares, signaling confidence in the value of its stock.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target upped by equities researchers at The Goldman Sachs Group from $49.00 to $51.00 in a report released on Friday,MarketScreener reports. The brokerage currently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's target price points to a potential upside of 15.33% from the company's current price.

Other equities analysts also recently issued research reports about the company. Evercore ISI lifted their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a research report on Tuesday. Wolfe Research increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday. DA Davidson raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Citigroup upped their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Finally, Truist Financial raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $49.47.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $44.22 on Friday. The stock has a market capitalization of $29.27 billion, a PE ratio of 13.73, a P/E/G ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The stock has a 50-day simple moving average of $44.07 and a 200 day simple moving average of $40.56. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp declared that its board has initiated a stock buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Merit Financial Group LLC grew its stake in Fifth Third Bancorp by 25.3% in the 1st quarter. Merit Financial Group LLC now owns 20,595 shares of the financial services provider's stock valued at $807,000 after purchasing an additional 4,155 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its stake in Fifth Third Bancorp by 9.6% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 12,502 shares of the financial services provider's stock valued at $490,000 after purchasing an additional 1,098 shares in the last quarter. Breakwater Capital Group lifted its stake in Fifth Third Bancorp by 7.3% during the first quarter. Breakwater Capital Group now owns 9,733 shares of the financial services provider's stock worth $382,000 after purchasing an additional 658 shares during the last quarter. Kapstone Financial Advisors LLC grew its position in Fifth Third Bancorp by 148.3% during the first quarter. Kapstone Financial Advisors LLC now owns 15,068 shares of the financial services provider's stock valued at $591,000 after acquiring an additional 9,000 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its stake in shares of Fifth Third Bancorp by 18.2% in the 1st quarter. Gateway Investment Advisers LLC now owns 166,588 shares of the financial services provider's stock valued at $6,530,000 after purchasing an additional 25,622 shares in the last quarter. 83.79% of the stock is 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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