Shares of Fifth Third Bancorp (NASDAQ:FITB) have been assigned a consensus recommendation of “Buy” from the twenty analysts that are currently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $31.54.
Several equities research analysts have recently issued reports on the stock. UBS Group lifted their price objective on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Barclays lifted their price objective on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods raised shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a research report on Thursday, April 4th. Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, ValuEngine raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th.
Shares of Fifth Third Bancorp stock traded down $0.30 during trading on Wednesday, hitting $27.11. 7,114,455 shares of the stock were exchanged, compared to its average volume of 7,335,048. The stock has a market cap of $19.91 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.34 and a beta of 1.35. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $31.65. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84.
In related news, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the sale, the director now directly owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total transaction of $83,892.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,466 shares of company stock valued at $1,716,402. 0.40% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Hellman Jordan Management Co. Inc. MA increased its stake in Fifth Third Bancorp by 9.4% in the first quarter. Hellman Jordan Management Co. Inc. MA now owns 34,954 shares of the financial services provider’s stock valued at $882,000 after purchasing an additional 3,009 shares during the period. Meridian Wealth Management LLC acquired a new position in Fifth Third Bancorp in the first quarter valued at $186,000. Marshall Wace North America L.P. acquired a new position in Fifth Third Bancorp in the first quarter valued at $1,327,000. Cerebellum GP LLC acquired a new position in Fifth Third Bancorp in the first quarter valued at $75,000. Finally, Advisory Resource Group acquired a new position in Fifth Third Bancorp in the first quarter valued at $1,080,000. 81.88% of the stock is owned by hedge funds and other institutional investors.
About Fifth Third Bancorp
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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