Fifth Third Bancorp (NASDAQ:FITB) had its target price cut by research analysts at BMO Capital Markets from $32.00 to $30.00 in a research note issued to investors on Wednesday. The brokerage currently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target indicates a potential upside of 15.34% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. Morgan Stanley dropped their price target on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Wedbush set a $34.00 price target on Fifth Third Bancorp and gave the company a “buy” rating in a research note on Thursday, September 20th. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Monday, July 16th. ValuEngine cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Finally, Nomura upgraded Fifth Third Bancorp from a “reduce” rating to a “neutral” rating and dropped their price target for the company from $32.00 to $29.00 in a research note on Wednesday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $32.57.
Shares of Fifth Third Bancorp stock traded up $0.14 on Wednesday, reaching $26.01. 923,050 shares of the company were exchanged, compared to its average volume of 5,898,325. Fifth Third Bancorp has a one year low of $24.10 and a one year high of $34.67. The stock has a market cap of $16.96 billion, a P/E ratio of 9.71, a P/E/G ratio of 1.42 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.96.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Fifth Third Bancorp by 5.9% during the 2nd quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock worth $1,390,661,000 after purchasing an additional 2,718,504 shares in the last quarter. Boston Partners boosted its stake in Fifth Third Bancorp by 1.0% in the second quarter. Boston Partners now owns 12,408,147 shares of the financial services provider’s stock valued at $356,114,000 after buying an additional 117,763 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Fifth Third Bancorp by 16.9% in the second quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock valued at $211,301,000 after buying an additional 1,062,218 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Fifth Third Bancorp by 119.9% in the second quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after buying an additional 2,658,672 shares in the last quarter. Finally, Schroder Investment Management Group boosted its stake in Fifth Third Bancorp by 106.3% in the second quarter. Schroder Investment Management Group now owns 4,166,562 shares of the financial services provider’s stock valued at $119,747,000 after buying an additional 2,146,656 shares in the last quarter. 84.22% of the stock is currently owned by institutional investors.
Fifth Third Bancorp Company Profile
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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