Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $54.50 at JPMorgan Chase & Co.

Fifth Third Bancorp (NASDAQ:FITB) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $53.00 to $54.50 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 7.37% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Truist Financial set a $57.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. TD Cowen reissued a “buy” rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Wolfe Research reduced their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Keefe, Bruyette & Woods upped their target price on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, January 21st. Finally, UBS Group restated a “buy” rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.19.

Fifth Third Bancorp Stock Performance

FITB traded up $0.97 during trading on Thursday, hitting $50.76. The stock had a trading volume of 5,985,777 shares, compared to its average volume of 11,057,129. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $45.97 billion, a P/E ratio of 17.03, a PEG ratio of 1.05 and a beta of 0.95. The company’s 50-day moving average price is $48.15 and its 200 day moving average price is $47.22. Fifth Third Bancorp has a twelve month low of $35.55 and a twelve month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the previous year, the company posted $0.71 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. AE Wealth Management LLC grew its holdings in Fifth Third Bancorp by 4.7% during the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after acquiring an additional 15,627 shares during the period. Bahl & Gaynor Inc. grew its holdings in Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after acquiring an additional 24,566 shares during the period. Envestnet Asset Management Inc. grew its holdings in Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after acquiring an additional 48,080 shares during the period. Generali Asset Management SPA SGR acquired a new position in Fifth Third Bancorp during the third quarter worth about $1,314,000. Finally, Westfield Capital Management Co. LP grew its holdings in Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after acquiring an additional 340,030 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.