Truist Financial Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $52.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target boosted by investment analysts at Truist Financial from $51.00 to $52.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 19.57% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Piper Sandler boosted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Barclays increased their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.97.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded down $1.37 during mid-day trading on Wednesday, hitting $43.49. 1,861,121 shares of the company’s stock traded hands, compared to its average volume of 5,299,127. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s 50 day simple moving average is $44.91 and its 200 day simple moving average is $43.02. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a market cap of $29.16 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp in the fourth quarter worth approximately $25,000. Venturi Wealth Management LLC raised its stake in Fifth Third Bancorp by 89.5% during 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 acquired a new position in Fifth Third Bancorp during the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC raised its stake in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $39,000. Institutional investors and hedge funds 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.