Fifth Third Bancorp (NASDAQ:FITB) PT Raised to $51.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price boosted by analysts at Morgan Stanley from $47.00 to $51.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target suggests a potential upside of 18.99% from the stock’s previous close.

Several other research firms have also issued reports on FITB. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Friday. Finally, Evercore ISI dropped their price target on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $41.41.

Fifth Third Bancorp Price Performance

FITB traded down $0.08 during trading on Monday, hitting $42.86. The company’s stock had a trading volume of 716,751 shares, compared to its average volume of 4,634,765. The firm’s 50 day moving average price is $41.41 and its two-hundred day moving average price is $38.39. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $43.85. The stock has a market capitalization of $29.32 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 2.03 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period last year, the firm earned $0.87 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the sale, the director now owns 20,961 shares in the company, valued at $863,802.81. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock valued at $2,269,920 over the last 90 days. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several hedge funds have recently made changes to their positions in FITB. Capital World Investors raised its stake in shares of Fifth Third Bancorp by 34.2% in the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock valued at $1,416,985,000 after buying an additional 10,472,392 shares during the period. Jupiter Asset Management Ltd. bought a new stake in shares of Fifth Third Bancorp in the second quarter valued at $33,337,000. Vanguard Group Inc. grew its position in shares of Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock valued at $3,012,472,000 after purchasing an additional 734,403 shares in the last quarter. Millennium Management LLC grew its position in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Finally, Vest Financial LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter valued at $19,401,000. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

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.