Fifth Third Bancorp (FITB) Price Target Raised to $31.00 at Wells Fargo & Co
Fifth Third Bancorp (NASDAQ:FITB) had its price objective hoisted by investment analysts at Wells Fargo & Co from $28.00 to $31.00 in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Wells Fargo & Co‘s price target would indicate a potential upside of 14.64% from the stock’s previous close.
Other analysts also recently issued reports about the stock. Sandler O’Neill upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. Jefferies Financial Group upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, March 12th. BidaskClub upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, May 7th. Finally, Barclays boosted their price target on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $31.60.
Shares of FITB stock traded up $0.47 during midday trading on Tuesday, reaching $27.04. 69,529 shares of the company were exchanged, compared to its average volume of 5,976,165. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $32.01. The company has a market capitalization of $19.46 billion, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 1.33 and a beta of 1.35. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84.
In related news, EVP Frank R. Forrest sold 26,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $26.37, for a total transaction of $685,620.00. Following the transaction, the executive vice president now directly owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total transaction of $83,892.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,727 shares of company stock worth $2,302,901. 0.40% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Meridian Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $186,000. Marshall Wace North America L.P. acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $1,327,000. Cerebellum GP LLC acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $75,000. Advisory Resource Group acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $1,080,000. Finally, Nordea Investment Management AB lifted its stake in shares of Fifth Third Bancorp by 1.1% in the first quarter. Nordea Investment Management AB now owns 3,748,599 shares of the financial services provider’s stock worth $94,540,000 after buying an additional 39,814 shares during the last quarter. 81.83% of the stock is currently owned by hedge funds and other institutional investors.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
Featured Story: Calculate Your Return on Investment (ROI)
Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.