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

Research analysts at Truist Financial began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report issued to clients and 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 indicates a potential upside of 18.77% from the company’s previous close.

FITB has been the subject of several other reports. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Piper Sandler boosted their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Barclays boosted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Hold” and an average price target of $45.92.

Fifth Third Bancorp Stock Up 1.3 %

Shares of NASDAQ FITB opened at $42.94 on Tuesday. The company has a market capitalization of $28.79 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 2.18 and a beta of 1.22. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50-day moving average of $45.31 and a two-hundred day moving average of $42.49. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (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 business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the firm earned $0.92 earnings per share. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Neville Rodie & Shaw Inc. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth $509,000. Nordea Investment Management AB lifted its stake in shares of Fifth Third Bancorp by 8.9% during the 4th quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider’s stock worth $28,286,000 after purchasing an additional 54,463 shares during the period. GAMMA Investing LLC lifted its stake in shares of Fifth Third Bancorp by 14.9% during the 4th quarter. GAMMA Investing LLC now owns 27,528 shares of the financial services provider’s stock worth $1,164,000 after purchasing an additional 3,572 shares during the period. Versant Capital Management Inc lifted its stake in shares of Fifth Third Bancorp by 232.0% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 703 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Fifth Third Bancorp by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider’s stock worth $35,194,000 after purchasing an additional 14,137 shares during the period. Hedge funds and other 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.