Evercore ISI Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $47.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by investment analysts at Evercore ISI from $46.00 to $47.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s price target suggests a potential upside of 11.35% from the stock’s previous close.

Several other brokerages have also recently issued reports on FITB. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Royal Bank of Canada upped their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Argus boosted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Finally, Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.78.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded up $0.35 during mid-day trading on Wednesday, reaching $42.21. 346,596 shares of the company were exchanged, compared to its average volume of 4,618,909. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $43.85. The company’s 50 day moving average price is $41.46 and its 200 day moving average price is $38.49. The stock has a market capitalization of $28.87 billion, a PE ratio of 13.40, a PEG ratio of 2.03 and a beta of 1.22. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The business had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period last year, the business posted $0.87 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares in the company, valued at approximately $5,376,880. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the transaction, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock valued at $2,269,920 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after acquiring an additional 734,403 shares in the last quarter. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 13.4% in the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock worth $1,733,847,000 after purchasing an additional 5,512,333 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the period. LSV Asset Management lifted its stake in shares of Fifth Third Bancorp by 2.3% during the 1st quarter. LSV Asset Management now owns 4,434,700 shares of the financial services provider’s stock valued at $165,015,000 after buying an additional 99,593 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Fifth Third Bancorp by 3.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock worth $62,096,000 after buying an additional 56,298 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.