Barclays Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $56.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price upped by equities research analysts at Barclays from $51.00 to $56.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective would indicate a potential upside of 30.66% from the company’s current price.

A number of other equities research analysts have also recently weighed in on FITB. Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Evercore ISI lifted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $45.92.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $42.86 on Monday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The business’s fifty day moving average price is $45.29 and its two-hundred day moving average price is $42.54. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The stock has a market capitalization of $28.74 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 2.18 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.92 EPS. As a group, analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently modified their holdings of FITB. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the period. Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $36,000. Hexagon Capital Partners LLC lifted its position in shares of Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $39,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fifth Third Bancorp by 232.0% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 703 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.