Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by investment analysts at Bank of America from $32.00 to $35.00 in a note issued to investors on Wednesday. The firm presently has a “neutral” rating on the financial services provider’s stock. Bank of America’s target price would suggest a potential upside of 4.95% from the company’s previous close.
Several other research firms also recently weighed in on FITB. BMO Capital Markets restated a “hold” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Zacks Investment Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 12th. Morgan Stanley raised their target price on Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Finally, Robert W. Baird restated a “sell” rating and issued a $29.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, January 3rd. Four analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $30.70.
Fifth Third Bancorp (FITB) traded up $0.51 during midday trading on Wednesday, hitting $33.35. The stock had a trading volume of 3,339,474 shares, compared to its average volume of 5,890,000. The stock has a market capitalization of $23,900.00, a P/E ratio of 11.70, a PEG ratio of 2.19 and a beta of 1.35. Fifth Third Bancorp has a 1-year low of $23.20 and a 1-year high of $33.51. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.90.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.05. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.58 billion. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. During the same quarter last year, the business posted $0.49 earnings per share. research analysts forecast that Fifth Third Bancorp will post 2.24 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of FITB. Janus Henderson Group PLC increased its stake in Fifth Third Bancorp by 7,461.4% during the second quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock worth $197,608,000 after acquiring an additional 7,511,357 shares during the last quarter. Balyasny Asset Management LLC increased its stake in Fifth Third Bancorp by 265.3% during the second quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock worth $99,198,000 after acquiring an additional 2,775,259 shares during the last quarter. Bank of Montreal Can increased its stake in Fifth Third Bancorp by 83.1% during the fourth quarter. Bank of Montreal Can now owns 3,058,088 shares of the financial services provider’s stock worth $92,783,000 after acquiring an additional 1,388,121 shares during the last quarter. APG Asset Management N.V. increased its stake in Fifth Third Bancorp by 334.2% during the fourth quarter. APG Asset Management N.V. now owns 1,193,299 shares of the financial services provider’s stock worth $30,150,000 after acquiring an additional 918,500 shares during the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new stake in Fifth Third Bancorp during the second quarter worth $10,127,000. 84.04% of the stock is owned by institutional investors.
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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.