Morgan Stanley Lowers Fifth Third Bancorp (FITB) Price Target to $33.00
Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by research analysts at Morgan Stanley from $35.50 to $33.00 in a research note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 11.79% from the company’s previous close.
FITB has been the topic of a number of other reports. BidaskClub lowered shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 1st. Zacks Investment Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 26th. Argus started coverage on shares of Fifth Third Bancorp in a report on Thursday, June 14th. They set a “buy” rating and a $36.00 price objective on the stock. FIG Partners lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a report on Monday, May 21st. Finally, UBS Group upgraded shares of Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 price objective on the stock in a report on Friday, July 20th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the stock. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $32.11.
Shares of NASDAQ:FITB opened at $29.52 on Tuesday. Fifth Third Bancorp has a 12 month low of $26.94 and a 12 month high of $34.67. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96. The firm has a market cap of $19.39 billion, a P/E ratio of 11.01, a P/E/G ratio of 1.61 and a beta of 1.25.
Hedge funds have recently modified their holdings of the business. Well Done LLC acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at $114,000. MUFG Americas Holdings Corp acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $103,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in 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 valued at $114,000 after buying an additional 3,933 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $131,000. Finally, First Mercantile Trust Co. acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $149,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.
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.
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