Fifth Third Bancorp (NASDAQ:FITB) Given New $52.00 Price Target at Citigroup

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by investment analysts at Citigroup from $43.00 to $52.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price points to a potential upside of 8.56% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Evercore ISI lifted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Barclays lifted their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.62.

Fifth Third Bancorp Trading Up 1.7 %

Fifth Third Bancorp stock traded up $0.78 during trading hours on Friday, reaching $47.90. The company had a trading volume of 3,790,967 shares, compared to its average volume of 4,579,031. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a 50-day moving average price of $44.05 and a 200 day moving average price of $40.63. The firm has a market cap of $32.12 billion, a price-to-earnings ratio of 15.91, a P/E/G ratio of 2.22 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $26.89 and a 12-month high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.92 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. This represents a 14.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Fifth Third Bancorp by 76.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after buying an additional 575,449 shares during the period. Toronto Dominion Bank grew its stake in Fifth Third Bancorp by 14.4% in the third quarter. Toronto Dominion Bank now owns 227,687 shares of the financial services provider’s stock worth $9,754,000 after purchasing an additional 28,720 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Fifth Third Bancorp by 4.1% in the third quarter. Coldstream Capital Management Inc. now owns 22,466 shares of the financial services provider’s stock worth $967,000 after purchasing an additional 875 shares in the last quarter. Brophy Wealth Management LLC bought a new position in Fifth Third Bancorp in the third quarter worth approximately $302,000. Finally, M&T Bank Corp grew its stake in Fifth Third Bancorp by 1.5% in the third quarter. M&T Bank Corp now owns 43,173 shares of the financial services provider’s stock worth $1,850,000 after purchasing an additional 654 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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.