Fifth Third Bancorp Stock Rating Reaffirmed by JPMorgan Chase & Co. (FITB)
Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “neutral” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Thursday. They currently have a $22.00 price objective on the stock, down from their previous price objective of $22.50. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 7.79% from the stock’s previous close.
Fifth Third Bancorp (NASDAQ:FITB) traded up 0.44% on Thursday, hitting $20.50. 4,265,117 shares of the company’s stock traded hands. Fifth Third Bancorp has a one year low of $17.49 and a one year high of $23.90. The stock has a 50-day moving average of $20.27 and a 200-day moving average of $21.22. The company has a market cap of $17.102 billion and a P/E ratio of 11.70. Fifth Third Bancorp also was the target of a significant decline in short interest in August. As of August 15th, there was short interest totalling 13,363,505 shares, a decline of 25.7% from the July 31st total of 17,981,836 shares. Based on an average daily volume of 7,144,552 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.6% of the shares of the stock are short sold.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, July 17th. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.43 by $0.06. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company posted $0.44 earnings per share. On average, analysts predict that Fifth Third Bancorp will post $1.72 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on FITB. Analysts at Macquarie reiterated a “neutral” rating on shares of Fifth Third Bancorp in a research note on Monday, July 21st. They now have a $22.00 price target on the stock, down previously from $23.00. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Fifth Third Bancorp from $24.00 to $22.00 in a research note on Monday, July 21st. Finally, analysts at Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating in a research note on Monday, July 21st. They now have a $23.00 price target on the stock, up previously from $22.00. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Buy” and an average target price of $22.83.
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company.
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