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

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by stock analysts at Barclays from $51.00 to $56.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would indicate a potential upside of 29.57% from the stock’s previous close.

FITB has been the topic of several other reports. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Citigroup boosted their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Morgan Stanley upped their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $45.62.

Fifth Third Bancorp Stock Up 2.0 %

FITB stock traded up $0.83 during mid-day trading on Monday, hitting $43.22. 1,962,862 shares of the company were exchanged, compared to its average volume of 3,145,370. The firm’s 50 day simple moving average is $45.34 and its 200 day simple moving average is $42.44. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The firm has a market cap of $28.98 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.19 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company posted $0.92 earnings per share. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter worth approximately $36,000. Hexagon Capital Partners LLC boosted its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $39,000. Finally, Versant Capital Management Inc grew its stake in shares of Fifth Third Bancorp by 232.0% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 703 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.