Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $53.00 at Truist Financial

Fifth Third Bancorp (NASDAQ:FITB) had its price target lowered by Truist Financial from $60.00 to $53.00 in a research note published on Friday,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

FITB has been the subject of a number of other research reports. Wolfe Research lifted their price target on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Piper Sandler upped their price objective on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Robert W. Baird raised their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. TD Cowen reiterated a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Finally, Argus boosted their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research note on Thursday, January 22nd. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $43.40 on Friday. The stock has a market cap of $39.30 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.88 and a beta of 0.96. 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 has a 50-day simple moving average of $50.45 and a 200 day simple moving average of $46.58. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently modified their holdings of the company. Westside Investment Management Inc. grew its position in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 292 shares during the last quarter. Harbor Investment Advisory LLC lifted its holdings in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $30,000. Finally, Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $26,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

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.