Truist Financial Has Lowered Expectations for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Key Points

• Truist Financial lowered its price target for Fifth Third Bancorp from $60 to $53 but maintained a "buy" rating, implying about a 20.4% upside from the stock's previous close.
• The shares carry a consensus Moderate Buy from analysts (17 Buy, 3 Hold) with an average target of $56.56, though individual targets range up to $67.
• Heavy institutional buying has boosted ownership to roughly 83.8%, led by a new ~$649 million position from Norges Bank and large additions from Price T. Rowe and others.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective reduced by equities research analysts at Truist Financial from $60.00 to $53.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective would indicate a potential upside of 20.42% from the stock's previous close.

FITB has been the topic of several other research reports. UBS Group restated a "buy" rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Janney Montgomery Scott boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a "buy" rating in a research report on Wednesday, January 21st. Wall Street Zen downgraded shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Citigroup raised their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a "neutral" rating in a report on Friday, January 23rd. Finally, Morgan Stanley upped their price objective on Fifth Third Bancorp from $60.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Fifth Third Bancorp Stock Up 1.0%

Shares of FITB stock traded up $0.42 on Friday, hitting $44.01. 3,570,262 shares of the stock were exchanged, compared to its average volume of 12,790,257. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $39.86 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The business has a 50-day moving average of $50.53 and a 200 day moving average of $46.59.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider's stock worth $850,473,000 after buying an additional 2,941,333 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock worth $140,993,000 after buying an additional 2,644,332 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock valued at $714,457,000 after buying an additional 2,293,939 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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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