Morgan Stanley Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $51.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective increased by equities research analysts at Morgan Stanley from $47.00 to $51.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 21.83% from the stock’s previous close.

FITB has been the topic of a number of other research reports. Bank of America boosted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Royal Bank of Canada raised their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Stephens reissued an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $41.41.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $41.86 on Monday. The stock has a market capitalization of $28.63 billion, a P/E ratio of 13.29, a P/E/G ratio of 2.03 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The business’s fifty day moving average is $41.46 and its two-hundred day moving average is $38.49. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $43.85.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the prior year, the company earned $0.87 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares in the company, valued at approximately $863,802.81. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,500 shares of company stock valued at $2,269,920. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds have recently modified their holdings of the business. Financial Synergies Wealth Advisors Inc. bought a new stake in Fifth Third Bancorp in the 1st quarter valued at $29,000. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $34,000. Centerpoint Advisors LLC grew its position in Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after buying an additional 750 shares in the last quarter. Family Firm Inc. bought a new position in Fifth Third Bancorp during the second quarter valued at about $52,000. Finally, Blue Trust Inc. raised its holdings in Fifth Third Bancorp by 130.6% in the 2nd quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 914 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

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.