Fifth Third Bancorp (NASDAQ:FITB) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Fifth Third Bancorp (NASDAQ:FITB) had its price objective upped by analysts at Wells Fargo & Company from $52.00 to $54.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 14.92% from the company’s current price.

A number of other equities analysts have also recently issued reports on FITB. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Argus increased their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Bank of America boosted their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Evercore ISI raised their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.09.

Fifth Third Bancorp Trading Down 0.6 %

NASDAQ:FITB opened at $46.99 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The business’s 50-day simple moving average is $43.61 and its 200-day simple moving average is $40.38. Fifth Third Bancorp has a fifty-two week low of $26.89 and a fifty-two week high of $48.10. The stock has a market capitalization of $31.51 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The trade was a 14.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of FITB. Capital World Investors boosted its position in Fifth Third Bancorp by 13.4% during the 1st quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock worth $1,733,847,000 after buying an additional 5,512,333 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Fifth Third Bancorp by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after purchasing an additional 281,494 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after purchasing an additional 399,827 shares during the last quarter. Finally, Smead Capital Management Inc. increased its holdings in Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after purchasing an additional 75,024 shares during the period. Institutional investors own 83.79% of the company’s stock.

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.