Fifth Third Bancorp (FITB) Shares Gap Up to $28.77
Fifth Third Bancorp (NASDAQ:FITB) gapped up before the market opened on Friday . The stock had previously closed at $28.17, but opened at $28.77. Fifth Third Bancorp shares last traded at $29.02, with a volume of 4922695 shares changing hands.
FITB has been the topic of several research reports. Wedbush raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $31.00 to $34.00 in a report on Tuesday, September 4th. They noted that the move was a valuation call. BMO Capital Markets decreased their price target on shares of Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a report on Monday, July 23rd. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Monday, July 16th. Macquarie raised shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating in a report on Tuesday, May 22nd. Finally, Vining Sparks reaffirmed a “buy” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a report on Thursday, July 19th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $32.18.
The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market capitalization of $19.29 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.60 and a beta of 1.25.
Large investors have recently bought and sold shares of the stock. MUFG Americas Holdings Corp acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $103,000. Well Done LLC acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $114,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Fifth Third Bancorp by 8,368.1% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,980 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,933 shares during the period. Summit Trail Advisors LLC lifted its position in shares of Fifth Third Bancorp by 3,223.6% in the 1st quarter. Summit Trail Advisors LLC now owns 127,661 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 123,820 shares during the period. Finally, Centaurus Financial Inc. acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $131,000. Institutional investors and hedge funds own 83.91% of the company’s stock.
Fifth Third Bancorp Company Profile (NASDAQ:FITB)
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.
Further Reading: Hedge Funds – Risk or Reward?
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.