Bank of America Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $31.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price boosted by Bank of America from $30.00 to $31.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price target indicates a potential upside of 9.66% from the stock’s previous close.

A number of other equities analysts also recently commented on FITB. Nomura set a $29.00 target price on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. ValuEngine downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. BidaskClub raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Wedbush reissued an “outperform” rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday. Finally, Raymond James raised their target price on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Fifth Third Bancorp presently has an average rating of “Hold” and an average price target of $31.23.

Shares of FITB stock opened at $28.27 on Wednesday. The company’s fifty day simple moving average is $27.22 and its 200-day simple moving average is $27.39. Fifth Third Bancorp has a 52 week low of $22.12 and a 52 week high of $30.20. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 0.74. The company has a market cap of $20.67 billion, a PE ratio of 11.13, a P/E/G ratio of 1.40 and a beta of 1.38.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the firm posted $0.64 EPS. Equities research analysts expect that Fifth Third Bancorp will post 2.82 EPS for the current fiscal year.

In other Fifth Third Bancorp news, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total transaction of $137,600.00. Following the completion of the transaction, the executive vice president now directly owns 152,672 shares of the company’s stock, valued at approximately $4,201,533.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Evan Bayh acquired 4,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were bought at an average cost of $25.93 per share, with a total value of $103,720.00. Following the completion of the acquisition, the director now owns 48,517 shares in the company, valued at $1,258,045.81. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Covington Capital Management acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $25,000. NEXT Financial Group Inc boosted its holdings in shares of Fifth Third Bancorp by 53.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock valued at $35,000 after buying an additional 443 shares during the period. CWM LLC boosted its holdings in shares of Fifth Third Bancorp by 47.7% in the 2nd quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock valued at $43,000 after buying an additional 495 shares during the period. CSat Investment Advisory L.P. boosted its holdings in shares of Fifth Third Bancorp by 179.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,121 shares during the period. Finally, Clear Perspective Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $57,000. 78.11% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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