Bank of America Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $65.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target lifted by research analysts at Bank of America from $63.00 to $65.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price suggests a potential upside of 12.81% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley lifted their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. The Goldman Sachs Group increased their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.20.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $57.62 on Monday. The firm’s 50 day simple moving average is $53.37 and its 200-day simple moving average is $50.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The firm has a market cap of $52.22 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. As a group, equities analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Insider Activity at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp in the first quarter worth about $25,000. SouthState Bank Corp boosted its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Harbor Investment Advisory LLC grew its position in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp News Roundup

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: RBC Capital upgraded Fifth Third Bancorp (FITB) to Buy and raised its price target, reinforcing the post-earnings bullish tone around the stock. Fifth Third Bancorp (FITB) Gets a Buy from RBC Capital
• Positive Sentiment: D.A. Davidson also reiterated a Buy rating and lifted its target to $65, adding to expectations that the stock still has room to run. Fifth Third Bancorp (FITB) Receives a Buy from D.A. Davidson
• Positive Sentiment: Bank of America, RBC, and Keefe Bruyette all raised price targets after Fifth Third reported stronger-than-expected second-quarter results, with EPS of $1.02 topping estimates of $0.95.
• Positive Sentiment: Additional commentary highlighted Fifth Third as a potential dividend and growth story, which may support investor interest in the stock. Why Fifth Third Bancorp (FITB) is a Great Dividend Stock Right Now
• Neutral Sentiment: Industry coverage on banks using fintech and embedded finance for deposits suggests a broader strategic trend, but it does not directly change Fifth Third’s near-term outlook. Banks Tap FinTechs and Embedded Finance for Deposits
• Neutral Sentiment: One Seeking Alpha piece argued that Comerica could be a growth catalyst for Fifth Third, but this is more of a thesis than a confirmed corporate development. Fifth Third Bancorp: Comerica Is Now A Growth Catalyst

About Fifth Third Bancorp

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.