Jefferies Financial Group Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $55.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price hoisted by equities research analysts at Jefferies Financial Group from $50.00 to $55.00 in a research note issued on Monday,MarketScreener reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 25.77% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Citigroup lifted their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Stephens set a $52.00 price target on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Piper Sandler cut their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Wolfe Research upped their price objective on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Finally, Evercore ISI dropped their target price on Fifth Third Bancorp from $49.00 to $47.00 in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.75.

Fifth Third Bancorp Trading Down 0.1%

NASDAQ FITB opened at $43.73 on Monday. The company has a fifty day moving average of $42.84 and a 200 day moving average of $42.36. The company has a market capitalization of $28.91 billion, a PE ratio of 13.05, a P/E/G ratio of 0.89 and a beta of 0.99. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $47.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 EPS. Research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Activity at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by insiders.

Institutional Trading of Fifth Third Bancorp

Several large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth $357,440,000. Nuveen LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter worth about $334,805,000. Invesco Ltd. boosted its position in Fifth Third Bancorp by 16.6% during the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after acquiring an additional 2,941,333 shares during the last quarter. Bank of America Corp DE grew its stake in Fifth Third Bancorp by 16.7% during the 3rd 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 acquiring an additional 2,293,939 shares in the last quarter. Finally, Capital World Investors grew its stake in Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after acquiring an additional 1,803,861 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

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.