Piper Sandler Reaffirms “Overweight” Rating for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $53.00 price target on the financial services provider’s stock, down from their previous price target of $54.00. Piper Sandler’s target price would indicate a potential upside of 21.84% from the stock’s previous close.

Several other analysts also recently weighed in on FITB. Barclays boosted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Truist Financial raised their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $45.92.

Fifth Third Bancorp Stock Down 3.0 %

Shares of FITB traded down $1.36 during trading hours on Wednesday, reaching $43.50. The stock had a trading volume of 2,380,511 shares, compared to its average volume of 5,356,846. The company has a market capitalization of $29.17 billion, a price-to-earnings ratio of 14.46, a P/E/G ratio of 1.93 and a beta of 1.24. The firm has a 50-day simple moving average of $44.91 and a 200 day simple moving average of $43.02. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Insider Activity 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. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in Fifth Third Bancorp by 4.6% in the second quarter. Pacer Advisors Inc. now owns 48,878 shares of the financial services provider’s stock worth $1,784,000 after buying an additional 2,157 shares during the last quarter. Sei Investments Co. grew its position in Fifth Third Bancorp by 1.2% in the second quarter. Sei Investments Co. now owns 693,800 shares of the financial services provider’s stock worth $25,317,000 after buying an additional 8,410 shares during the last quarter. Ensign Peak Advisors Inc grew its position in Fifth Third Bancorp by 1.2% in the second quarter. Ensign Peak Advisors Inc now owns 227,748 shares of the financial services provider’s stock worth $8,311,000 after buying an additional 2,775 shares during the last quarter. Frank Rimerman Advisors LLC grew its position in Fifth Third Bancorp by 7,299.2% in the second quarter. Frank Rimerman Advisors LLC now owns 8,879 shares of the financial services provider’s stock worth $324,000 after buying an additional 8,759 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in Fifth Third Bancorp by 8.3% in the second quarter. Public Sector Pension Investment Board now owns 115,997 shares of the financial services provider’s stock worth $4,233,000 after buying an additional 8,870 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

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.