Wolfe Research Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $52.00

Key Points

• Wolfe Research has raised its price target for **Fifth Third Bancorp (NASDAQ:FITB)** from **$51.00 to $52.00**, indicating a potential upside of **17.27%** from the current stock price.
• The company has received multiple upgraded ratings from various analysts, with an average target price of **$49.38**, reflecting a consensus rating of **"Moderate Buy."**
• Fifth Third Bancorp's **Board of Directors** has initiated a stock repurchase program, allowing for the buyback of **100 million shares**, suggesting confidence in the stock's valuation.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective upped by investment analysts at Wolfe Research from $51.00 to $52.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Wolfe Research's price objective indicates a potential upside of 17.27% from the stock's current price.

A number of other equities research analysts have also recently issued reports on FITB. Evercore ISI upped their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a report on Tuesday. Robert W. Baird upped their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Thursday. Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Morgan Stanley upped their target price on Fifth Third Bancorp from $47.00 to $56.00 and gave the company an "underperform" rating in a research report on Monday. Finally, Truist Financial raised their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average target price of $49.38.

Fifth Third Bancorp Trading Down 0.0%

Shares of NASDAQ FITB opened at $44.34 on Wednesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a market cap of $29.35 billion, a price-to-earnings ratio of 13.79, a P/E/G ratio of 1.43 and a beta of 0.95. The company's fifty day moving average is $44.04 and its 200-day moving average is $40.52.

Fifth Third Bancorp declared that its Board of Directors has initiated a stock repurchase 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 buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Fifth Third Bancorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider's stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Fifth Third Bancorp by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider's stock valued at $958,614,000 after buying an additional 398,517 shares during the last quarter. Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 16.6% in the second 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 during the period. Geode Capital Management LLC grew its position in shares of Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider's stock worth $737,728,000 after buying an additional 619,956 shares during the last quarter. Finally, Norges Bank bought a new position in Fifth Third Bancorp in the second quarter worth about $357,440,000. 83.79% of the stock is owned by hedge funds and other 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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