Fifth Third Bancorp (NASDAQ:FITB) Given New $56.00 Price Target at Barclays

Fifth Third Bancorp (NASDAQ:FITB) had its price target increased by equities research analysts at Barclays from $51.00 to $56.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target would indicate a potential upside of 29.57% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Citigroup upped their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Piper Sandler lifted their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $45.62.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded up $0.83 during mid-day trading on Monday, hitting $43.22. 1,962,862 shares of the company’s stock traded hands, compared to its average volume of 3,145,370. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s 50 day simple moving average is $45.34 and its 200 day simple moving average is $42.44. The company has a market cap of $28.98 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 2.19 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 earnings per share. Sell-side analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FITB. Venturi Wealth Management LLC increased 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 purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the third quarter worth approximately $36,000. Hexagon Capital Partners LLC increased its stake 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 worth $37,000 after buying an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Fifth Third Bancorp in the third quarter valued at $39,000. Finally, Versant Capital Management Inc grew its holdings in 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 in the last quarter. Institutional investors and hedge funds 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.