Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $67.00 at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its price objective raised by analysts at Morgan Stanley from $60.00 to $67.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 33.93% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Stephens upped their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Barclays increased their price target 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. Jefferies Financial Group raised their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Finally, Truist Financial upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.91.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded up $0.56 on Monday, hitting $50.03. The company’s stock had a trading volume of 3,487,245 shares, compared to its average volume of 13,285,682. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $55.44. The firm has a market cap of $33.07 billion, a P/E ratio of 14.13, a price-to-earnings-growth ratio of 1.00 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average price of $50.59 and a 200-day moving average price of $46.36.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The business had revenue of $3.82 billion for the quarter. On average, equities analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were 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 in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Evolution Wealth Management Inc. bought a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $26,000. Westside Investment Management Inc. raised its position in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after buying an additional 292 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Finally, United Community Bank grew its stake in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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.