Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $67.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its target price lifted by Wells Fargo & Company from $58.00 to $67.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 17.23% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Truist Financial lifted their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Wolfe Research decreased their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Stephens started coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Finally, Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $58.39.

Fifth Third Bancorp Trading Down 0.0%

NASDAQ FITB opened at $57.15 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s 50-day simple moving average is $51.55 and its two-hundred day simple moving average is $49.96. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $58.15. The company has a market capitalization of $51.80 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the previous year, the company posted $0.71 EPS. Research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Empowered Funds LLC grew its stake in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after buying an additional 916 shares during the last quarter. Woodline Partners LP raised its holdings in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after acquiring an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its position in Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at $968,000. 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.