Wells Fargo & Company Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lifted by equities researchers at Wells Fargo & Company from $52.00 to $58.00 in a research note issued to investors on Monday,MarketScreener reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 21.57% from the stock’s current price.

FITB has been the subject of several other research reports. Argus raised their price target on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Wolfe Research boosted their price target on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. DA Davidson increased their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada boosted their target price on Fifth Third Bancorp from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.95.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $47.71 on Monday. The business has a fifty day moving average price of $44.67 and a 200-day moving average price of $43.79. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $31.54 billion, a PE ratio of 14.24, a PEG ratio of 0.86 and a beta of 0.97. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $48.71.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. The company had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. As a group, equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $41.22 per share, with a total value of $123,660.00. Following the transaction, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Fifth Third Bancorp by 5.9% during the 4th quarter. GAMMA Investing LLC now owns 38,058 shares of the financial services provider’s stock valued at $1,781,000 after buying an additional 2,130 shares in the last quarter. Davis Selected Advisers lifted its holdings in Fifth Third Bancorp by 6.2% during the third quarter. Davis Selected Advisers now owns 2,668,869 shares of the financial services provider’s stock valued at $118,898,000 after purchasing an additional 156,013 shares in the last quarter. Saranac Partners Ltd bought a new position in shares of Fifth Third Bancorp in the third quarter worth approximately $106,000. Allworth Financial LP increased its stake in shares of Fifth Third Bancorp by 6.6% in the third quarter. Allworth Financial LP now owns 13,037 shares of the financial services provider’s stock worth $581,000 after purchasing an additional 805 shares in the last quarter. Finally, Swiss Life Asset Management Ltd raised its position in shares of Fifth Third Bancorp by 112.3% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 82,210 shares of the financial services provider’s stock valued at $3,662,000 after purchasing an additional 43,487 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.