Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “market perform” rating reissued by equities research analysts at Sanford C. Bernstein in a research note issued to investors on Saturday. They currently have a $31.00 target price on the financial services provider’s stock, up from their previous target price of $29.00. Sanford C. Bernstein’s target price suggests a potential upside of 16.89% from the stock’s current price.

FITB has been the topic of a number of other reports. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Jefferies Group LLC restated a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets restated a “hold” rating and set a $27.00 price objective on shares of Fifth Third Bancorp in a report on Friday, May 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and an average price target of $26.97.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.52 on Friday. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The stock’s 50 day moving average is $26.45 and its 200 day moving average is $25.63. The stock has a market capitalization of $19.54 billion, a PE ratio of 13.44 and a beta of 1.36.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current year.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

WARNING: This report was first published by American Banking News and is owned by of American Banking News. If you are reading this report on another site, it was illegally stolen and reposted in violation of United States & international copyright & trademark laws. The legal version of this report can be viewed at https://www.americanbankingnews.com/2017/09/16/fifth-third-bancorp-fitb-rating-reiterated-by-sanford-c-bernstein.html.

In related news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.38% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank boosted its holdings in shares of Fifth Third Bancorp by 25.3% during the 2nd quarter. Toronto Dominion Bank now owns 254,772 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 51,384 shares during the period. Archford Capital Strategies LLC boosted its holdings in shares of Fifth Third Bancorp by 19,333.3% during the 2nd quarter. Archford Capital Strategies LLC now owns 9,328 shares of the financial services provider’s stock worth $1,429,000 after buying an additional 9,280 shares during the period. Afam Capital Inc. boosted its holdings in shares of Fifth Third Bancorp by 1.5% during the 2nd quarter. Afam Capital Inc. now owns 222,679 shares of the financial services provider’s stock worth $5,781,000 after buying an additional 3,336 shares during the period. Koch Industries Inc. bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $325,000. Finally, Scotia Capital Inc. boosted its holdings in shares of Fifth Third Bancorp by 1.2% during the 2nd quarter. Scotia Capital Inc. now owns 78,139 shares of the financial services provider’s stock worth $2,028,000 after buying an additional 900 shares during the period. 79.60% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.