Wolfe Research Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $55.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective reduced by equities researchers at Wolfe Research from $57.00 to $55.00 in a report issued on Wednesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Wolfe Research’s price objective suggests a potential upside of 16.83% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on FITB. TD Cowen reiterated a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. JPMorgan Chase & Co. initiated coverage on Fifth Third Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $50.50 price objective for the company. Weiss Ratings upgraded Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 26th. Citigroup lifted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Finally, Argus upped their price target on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.14.

Fifth Third Bancorp Stock Up 1.3%

NASDAQ FITB traded up $0.62 during trading hours on Wednesday, reaching $47.08. 641,820 shares of the company’s stock were exchanged, compared to its average volume of 12,344,656. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market capitalization of $42.63 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 0.88 and a beta of 0.96. The company’s 50-day moving average is $49.43 and its two-hundred 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 Trading of Fifth Third Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $26,000. Westside Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after buying an additional 292 shares during the period. Harbor Investment Advisory LLC lifted its holdings in Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after buying an additional 517 shares during the period. Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp during the fourth quarter valued at $29,000. Finally, United Community Bank boosted its position in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 581 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

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.