Evercore Issues Pessimistic Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its target price cut by investment analysts at Evercore from $57.00 to $51.00 in a research report issued on Monday,MarketScreener reports. Evercore’s price target suggests a potential upside of 7.31% from the stock’s previous close.

Several other research firms also recently issued reports on FITB. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, January 21st. Morgan Stanley cut their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Wolfe Research decreased their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. DA Davidson upped their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group decreased their price target on shares of Fifth Third Bancorp from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $55.84.

Fifth Third Bancorp Trading Up 0.9%

NASDAQ FITB opened at $47.53 on Monday. The company has a market cap of $43.04 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. 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 business’s fifty day moving average is $49.16 and its 200 day moving average is $46.57.

Institutional Trading of Fifth Third Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Fifth Third Bancorp in the 4th quarter valued at $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Clearbridge Investments LLC raised its position in shares of Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after buying an additional 2,644,332 shares in the last quarter. Invesco Ltd. raised its position in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after buying an additional 2,574,712 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after buying an additional 2,293,939 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.