Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $60.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by equities researchers at Jefferies Financial Group from $55.00 to $60.00 in a research note issued on Wednesday,MarketScreener reports. The firm currently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 20.85% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Argus raised their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Citigroup raised their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. UBS Group reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Finally, Weiss Ratings raised shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.41.

Fifth Third Bancorp Trading Up 3.9%

NASDAQ:FITB opened at $49.65 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $44.96 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.93 and a beta of 0.95. The firm has a fifty day simple moving average of $49.04 and a two-hundred day simple moving average of $46.59. Fifth Third Bancorp has a 12 month low of $32.27 and a 12 month high of $55.44.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FITB. Empowered Funds LLC lifted its position in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP lifted its position in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its position in shares of Fifth Third Bancorp by 1.2% during the second quarter. Cresset Asset Management LLC now owns 33,858 shares of the financial services provider’s stock valued at $1,405,000 after purchasing an additional 413 shares in the last quarter. 83.79% of the stock is owned by 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.