DA Davidson Forecasts Strong Price Appreciation for Fifth Third Bancorp (NASDAQ:FITB) Stock

Fifth Third Bancorp (NASDAQ:FITB) had its target price hoisted by DA Davidson from $52.00 to $58.00 in a research report issued on Monday, Marketbeat.com reports. The firm presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective points to a potential upside of 14.08% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Wall Street Zen raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Evercore ISI set a $52.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, January 6th. Piper Sandler increased their price target on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, January 21st. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Finally, The Goldman Sachs Group raised their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.21.

Fifth Third Bancorp Trading Up 0.7%

Shares of FITB opened at $50.84 on Monday. The firm has a fifty day simple moving average of $47.21 and a two-hundred day simple moving average of $44.71. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $53.33. The stock has a market capitalization of $33.61 billion, a P/E ratio of 14.36, a PEG ratio of 1.01 and a beta of 0.97. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. The firm had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $26,000. Westside Investment Management Inc. grew its holdings in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares during the period. Activest Wealth Management lifted its holdings in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 626 shares during the period. Harbor Investment Advisory LLC grew its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares during the period. Finally, United Community Bank grew its position in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after buying an additional 581 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.