Fifth Third Bancorp (NASDAQ:FITB) Trading Up 5.7% After Analyst Upgrade

Shares of Fifth Third Bancorp (NASDAQ:FITB) were up 5.7% during mid-day trading on Wednesday after Wedbush raised their price target on the stock from $22.00 to $23.00. Wedbush currently has an outperform rating on the stock. Fifth Third Bancorp traded as high as $21.51 and last traded at $21.36, approximately 8,660,982 shares were traded during mid-day trading. An increase of 13% from the average daily volume of 7,661,033 shares. The stock had previously closed at $20.21.

A number of other equities research analysts also recently issued reports on the stock. Barclays reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Fifth Third Bancorp in a research report on Thursday, April 9th. Cfra upped their price objective on shares of Fifth Third Bancorp to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Nomura Securities reduced their target price on shares of Fifth Third Bancorp from $29.00 to $15.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Morgan Stanley reduced their target price on shares of Fifth Third Bancorp from $27.00 to $22.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 7th. Finally, DA Davidson initiated coverage on shares of Fifth Third Bancorp in a research report on Monday, March 23rd. They set a “buy” rating for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $24.46.

In other Fifth Third Bancorp news, Director Katherine H. Blackburn purchased 58,800 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average cost of $16.90 per share, for a total transaction of $993,720.00. Following the purchase, the director now owns 104,154 shares of the company’s stock, valued at approximately $1,760,202.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.52% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of FITB. Bank of America Corp DE lifted its stake in Fifth Third Bancorp by 586.4% in the 4th quarter. Bank of America Corp DE now owns 17,005,940 shares of the financial services provider’s stock worth $522,762,000 after purchasing an additional 14,528,391 shares in the last quarter. Norges Bank purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $249,050,000. APG Asset Management N.V. lifted its stake in Fifth Third Bancorp by 512.5% in the 1st quarter. APG Asset Management N.V. now owns 4,274,599 shares of the financial services provider’s stock worth $96,010,000 after purchasing an additional 3,576,758 shares in the last quarter. AQR Capital Management LLC lifted its stake in Fifth Third Bancorp by 38.9% in the 4th quarter. AQR Capital Management LLC now owns 7,079,374 shares of the financial services provider’s stock worth $217,620,000 after purchasing an additional 1,984,067 shares in the last quarter. Finally, AJO LP lifted its stake in Fifth Third Bancorp by 935.7% in the 1st quarter. AJO LP now owns 1,868,249 shares of the financial services provider’s stock worth $27,742,000 after purchasing an additional 1,687,872 shares in the last quarter. Institutional investors and hedge funds own 78.34% of the company’s stock.

The stock’s fifty day moving average price is $17.55 and its 200 day moving average price is $24.09. The stock has a market cap of $15.04 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 1.82 and a beta of 1.70. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.10). The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fifth Third Bancorp had a return on equity of 9.05% and a net margin of 18.85%. During the same period in the previous year, the company earned $0.63 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 1.32 earnings per share for the current year.

Fifth Third Bancorp Company Profile (NASDAQ:FITB)

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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