Fifth Third Bancorp (NASDAQ:FITB) Receives Overweight Rating from Piper Sandler

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a research note issued on Monday,Benzinga reports. They currently have a $54.00 target price on the financial services provider’s stock, down from their prior target price of $57.00. Piper Sandler’s price target suggests a potential upside of 21.01% from the company’s current price.

A number of other equities research analysts have also weighed in on FITB. Robert W. Baird boosted their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Evercore raised their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Finally, Morgan Stanley boosted their price objective on Fifth Third Bancorp from $60.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.84.

Fifth Third Bancorp Price Performance

Shares of FITB stock traded up $0.08 on Monday, reaching $44.62. The company had a trading volume of 3,373,916 shares, compared to its average volume of 12,435,474. The stock has a market capitalization of $40.41 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The business’s 50-day moving average is $49.59 and its 200 day moving average is $46.54. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $55.44.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP raised its holdings in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Fifth Third Bancorp in the second quarter valued at $339,000. Steward Partners Investment Advisory LLC raised its holdings in Fifth Third Bancorp by 33.0% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,472 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 2,352 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $887,000. Institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.