Evercore ISI Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $40.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective upped by Evercore ISI from $37.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s target price suggests a potential upside of 7.79% from the stock’s current price.

FITB has been the topic of a number of other reports. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday. Keefe, Bruyette & Woods lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $33.00 to $37.00 in a report on Tuesday, January 9th. UBS Group lifted their target price on shares of Fifth Third Bancorp from $40.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Barclays boosted their price target on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Royal Bank of Canada lifted their target price on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $35.72.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $0.37 during mid-day trading on Thursday, reaching $37.11. The stock had a trading volume of 1,030,543 shares, compared to its average volume of 5,563,425. The firm has a market cap of $25.28 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.38 and a beta of 1.26. Fifth Third Bancorp has a 12 month low of $22.46 and a 12 month high of $37.36. The business has a fifty day moving average of $34.69 and a 200 day moving average of $30.68. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.77 by $0.22. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the business earned $1.04 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 3.17 EPS for the current year.

Insiders Place Their Bets

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Jude Schramm sold 5,000 shares of Fifth Third Bancorp stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FITB. GoalVest Advisory LLC raised its stake in shares of Fifth Third Bancorp by 145.5% during the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after buying an additional 560 shares during the last quarter. Denali Advisors LLC acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $36,000. Clear Street Markets LLC grew its holdings in Fifth Third Bancorp by 93.4% in the 1st quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock valued at $36,000 after buying an additional 647 shares during the period. Financial Management Professionals Inc. grew its holdings in Fifth Third Bancorp by 1,000.0% in the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,000 shares during the period. Finally, ICA Group Wealth Management LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.