Fifth Third Bancorp (NASDAQ:FITB) rating upgraded to buy at Zacks Investment Research

Fifth Third Bancorp (NASDAQ:FITB) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Friday to investors, Zacks.com reports. The company currently has a price target of $52.00 on shares of the financial services provider. Zacks Investment ResearchThe stock’s target price would suggest a potential upside of 18.69% from the current stock price.

According to Zacks, “Fifth Third shares have outperformed the industry over the past year. The company’s earnings have exceeded Zacks’ consensus estimate for the past four quarters. Strong financial performance in the fourth quarter has enabled the company to achieve positive operating leverage. The announced acquisition of Dividend Finance strengthens its extensive digital services capabilities. Such add-on buyouts will increase commission income, driving revenue growth, in the future. In addition, branch expansion and the recovery of the U.S. economy are likely to drive loan growth and improved asset quality. However, increased spending due to investments in digitization of branches is likely to hamper earnings growth, and pressure on margins in an environment of near-zero interest rates ro remains a significant concern. High exposure to commercial loans acts as a headwind. “

Other stock analysts have also published research reports on the company. Citigroup raised its price target on Fifth Third Bancorp from $47.00 to $48.00 and gave the company a “neutral” rating in a Thursday, Dec. 16 research note. Argus raised its price target on Fifth Third Bancorp from $42.00 to $49.00 and gave the company a “buy” rating in a Wednesday, October 20 research note. Wells Fargo & Company raised its price target on Fifth Third Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a Monday, October 4 research note. Robert W. Baird downgraded Fifth Third Bancorp from an “outperforming” rating to a “neutral” rating and set a price target of $44.00 for the company. in a Friday, January 7, research note. Finally, UBS Group began covering Fifth Third Bancorp in a research note on Wednesday, January 12. They issued a “buy” rating and a price target of $56.00 for the company. Seven analysts gave the stock a hold rating, nine gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $48.43.

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Shares of FITB Share on Friday, it fell $0.42 to $43.81. The company had a trading volume of 84,983 shares, compared to an average volume of 6,172,851 shares. The company has a market capitalization of $29.96 billion, a P/E ratio of 12.22, a price-to-earnings growth ratio of 1.78 and a beta of 1.42. The company has a 50-day moving average price of $44.88 and a 200-day moving average price of $42.03. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt ratio of 0.56. Fifth Third Bancorp has a 12-month low of $28.73 and a 12-month high of $50.64.

Fifth Third Bancorp Inc (NASDAQ:FITB) last released quarterly earnings data on Thursday, January 20. The financial services provider reported earnings per share (EPS) of $0.90 for the quarter, matching Thomson Reuters consensus estimate of $0.90. Fifth Third Bancorp had a return on equity of 13.35% and a net margin of 32.49%. In the same period a year earlier, the company posted earnings per share of $0.88. Equity research analysts expect Fifth Third Bancorp to post EPS of 3.76 for the current year.

In other news, EVP Howard Hammond sold 4,000 shares of the company in a transaction that took place on Wednesday, November 3. The stock was sold at an average price of $43.79, for a total transaction of $175,160.00. The sale was disclosed in a legal filing with the SEC, accessible via this link. Insiders own 0.66% of the shares of the company.

Several institutional investors have recently changed their stake in the company. FMR LLC increased its holdings in Fifth Third Bancorp by 29.9% in the second quarter. FMR LLC now owns 11,800,528 shares of the financial services provider valued at $451,134,000 after acquiring an additional 2,719,663 shares in the last quarter. Capital World Investors increased its holdings in Fifth Third Bancorp by 8.1% in the third quarter. Capital World Investors now owns 25,255,471 shares of the financial services provider valued at $1,071,842,000 after acquiring an additional 1,884,871 shares in the last quarter. Boston Partners increased its holdings in Fifth Third Bancorp by 7.3% in the second quarter. Boston Partners now owns 23,147,419 shares of the financial services provider valued at $884,782,000 after acquiring an additional 1,582,056 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Fifth Third Bancorp by 12.5% ​​in the second quarter. Nuveen Asset Management LLC now owns 11,137,444 shares of the financial services provider valued at $425,785,000 after acquiring an additional 1,239,269 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Fifth Third Bancorp by 100.5% in the third quarter. Nordea Investment Management AB now owns 2,162,020 shares of the financial services provider valued at $93,312,000 after acquiring an additional 1,083,582 shares in the last quarter. Institutional investors and hedge funds hold 81.02% of the company’s shares.

About Fifth Third Bancorp

Fifth Third Bancorp provides banking and financial services, retail and commercial banking, consumer lending and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Finance, and Wealth and Asset Management.

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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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