Morgan Stanley Increases Fifth Third Bancorp (FITB) Price Target to $34.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective upped by analysts at Morgan Stanley from $30.00 to $34.00 in a research note issued to investors on Wednesday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 14.59% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Oppenheimer reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Tuesday, October 24th. Bank of America upped their price target on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Monday, September 25th. Nomura upped their price target on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, September 28th. Finally, BMO Capital Markets reissued a “hold” rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, December 8th. Four research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.68.

Fifth Third Bancorp (NASDAQ FITB) traded down $0.27 during trading hours on Wednesday, reaching $29.67. 9,139,200 shares of the company were exchanged, compared to its average volume of 5,825,614. Fifth Third Bancorp has a 52 week low of $23.20 and a 52 week high of $31.83. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.93. The company has a market cap of $21,125.10, a price-to-earnings ratio of 16.63, a P/E/G ratio of 2.50 and a beta of 1.35.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.48 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period in the prior year, the business posted $0.65 EPS. research analysts predict that Fifth Third Bancorp will post 1.79 EPS for the current fiscal year.

In other news, EVP Timothy Spence sold 15,000 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $28.86, for a total value of $432,900.00. Following the sale, the executive vice president now directly owns 154,577 shares of the company’s stock, valued at approximately $4,461,092.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Horan Capital Advisors LLC. purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $102,000. Valeo Financial Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $119,000. Sun Life Financial INC grew its position in shares of Fifth Third Bancorp by 55,050.0% in the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock worth $143,000 after buying an additional 5,505 shares during the period. HighPoint Advisor Group LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $202,000. Finally, Regentatlantic Capital LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $205,000. 83.97% of the stock is currently owned by hedge funds and other institutional investors.

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About Fifth Third Bancorp

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

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