Fifth Third Bancorp (NASDAQ:FITB) Now Covered by Truist Financial

Investment analysts at Truist Financial assumed coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $51.00 price target on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 18.77% from the company’s previous close.

Several other analysts also recently issued reports on FITB. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley increased their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Trading Up 1.3 %

FITB stock opened at $42.94 on Tuesday. The company has a market cap of $28.79 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 2.18 and a beta of 1.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The business has a fifty day simple moving average of $45.31 and a 200-day simple moving average of $42.49. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of the business. Neville Rodie & Shaw Inc. bought a new position in Fifth Third Bancorp in the fourth quarter worth about $509,000. Nordea Investment Management AB raised its holdings in shares of Fifth Third Bancorp by 8.9% during the fourth quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider’s stock valued at $28,286,000 after buying an additional 54,463 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Fifth Third Bancorp by 14.9% during the fourth quarter. GAMMA Investing LLC now owns 27,528 shares of the financial services provider’s stock valued at $1,164,000 after buying an additional 3,572 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Fifth Third Bancorp by 232.0% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock valued at $43,000 after buying an additional 703 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Fifth Third Bancorp by 1.8% during the third quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock valued at $35,194,000 after buying an additional 14,137 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

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.