Truist Financial Begins Coverage on Fifth Third Bancorp (NASDAQ:FITB)

Investment analysts at Truist Financial began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note issued on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $51.00 price target on the financial services provider’s stock. Truist Financial’s target price would indicate a potential upside of 20.23% from the stock’s current price.

A number of other brokerages have also recently issued reports on FITB. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Citigroup raised their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Barclays boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.92.

Fifth Third Bancorp Stock Down 1.0 %

FITB opened at $42.42 on Tuesday. 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’s fifty day simple moving average is $45.26 and its 200 day simple moving average is $42.54. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The stock has a market cap of $28.44 billion, a PE ratio of 14.09, a P/E/G ratio of 2.18 and a beta of 1.22.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Venturi Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Fifth Third Bancorp in the third quarter worth $36,000. Hexagon Capital Partners LLC grew its stake in shares of Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Fifth Third Bancorp during the third quarter valued at $39,000. Finally, Versant Capital Management Inc raised its position in shares of Fifth Third Bancorp by 232.0% in 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 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.