The stock of Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high and has $28.58 target or 32.00% above today’s $21.65 share price. The 7 months bullish chart indicates low risk for the $16.42B company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $28.58 price target is reached, the company will be worth $5.25 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.37 million shares traded hands. Fifth Third Bancorp (NASDAQ:FITB) has risen 30.92% since March 31, 2016 and is uptrending. It has outperformed by 28.39% the S&P500.
Fifth Third Bancorp (NASDAQ:FITB) Ratings Coverage
Out of 24 analysts covering Fifth Third (NASDAQ:FITB), 6 rate it a “Buy”, 1 “Sell”, while 17 “Hold”. This means 25% are positive. $25 is the highest target while $16 is the lowest. The $21.40 average target is -1.15% below today’s ($21.65) stock price. Fifth Third has been the topic of 43 analyst reports since July 22, 2015 according to StockzIntelligence Inc. JP Morgan maintained it with “Neutral” rating and $19 target price in Thursday, April 7 report. The firm has “Neutral” rating by Wedbush given on Friday, October 7. On Wednesday, October 5 the stock rating was downgraded by Stephens to “Equal-Weight”. As per Tuesday, April 5, the company rating was downgraded by BMO Capital Markets. On Wednesday, July 22 the stock rating was downgraded by Citigroup to “Neutral”. The rating was upgraded by Stephens on Tuesday, March 8 to “Overweight”. The stock has “Buy” rating given by UBS on Monday, October 24. On Wednesday, October 21 the stock rating was maintained by Oppenheimer with “Outperform”. Jefferies maintained the shares of FITB in a report on Friday, May 27 with “Buy” rating. The firm has “Neutral” rating given on Monday, June 6 by Citigroup.
According to Zacks Investment Research, “Fifth Third Bancorp is a registered financial holding company and a multi-bank holding company. They engage primarily in commercial, retail and trust banking, data processing services, investment advisory services and leasing activities. In addition, the company provides credit life, accident, health and mortgage insurance, discount brokerage services and property management for its properties.”
Insitutional Activity: The institutional sentiment decreased to 0.88 in 2016 Q2. Its down 0.06, from 0.94 in 2016Q1. The ratio dropped, as 45 funds sold all Fifth Third Bancorp shares owned while 206 reduced positions. 47 funds bought stakes while 174 increased positions. They now own 598.84 million shares or 1.34% less from 606.99 million shares in 2016Q1.
Moreover, Alphamark Ltd Liability has 1.93% invested in Fifth Third Bancorp (NASDAQ:FITB) for 185,603 shares. Synovus reported 500 shares or 0% of all its holdings. California Public Employees Retirement Sys has invested 0.07% of its portfolio in Fifth Third Bancorp (NASDAQ:FITB). Cullinan Assocs holds 0.12% of its portfolio in Fifth Third Bancorp (NASDAQ:FITB) for 80,540 shares. The Pennsylvania-based First National Tru has invested 0.33% in Fifth Third Bancorp (NASDAQ:FITB). Diam Com Ltd holds 0.03% of its portfolio in Fifth Third Bancorp (NASDAQ:FITB) for 124,318 shares. Daiwa Securities Group accumulated 27,500 shares or 0% of the stock. Everence Cap Mngmt accumulated 0.1% or 17,834 shares. The Massachusetts-based Woodstock has invested 0.06% in Fifth Third Bancorp (NASDAQ:FITB). Boston Advsrs Limited holds 0.01% or 13,850 shares in its portfolio. Deutsche Fincl Bank Ag holds 2.60M shares or 0.03% of its portfolio. Arcadia Invest Mi last reported 275 shares in the company. Nuveen Asset Management Limited Liability Com accumulated 67,929 shares or 0.01% of the stock. Westpac Bk Corp holds 0% or 44,091 shares in its portfolio. Shelton Capital Management owns 132,557 shares or 0.21% of their US portfolio.
More notable recent Fifth Third Bancorp (NASDAQ:FITB) news were published by: Businesswire.com which released: “Aravind Immaneni Named Fifth Third Bank Chief Operations and Technology Officer” on November 01, 2016, also Zacks.com with their article: “Why Fifth Third Bancorp (FITB) Stock Might be a Great Pick” published on November 01, 2016, Bizjournals.com published: “Meet Fifth Third’s new top banker coming to town” on October 27, 2016. More interesting news about Fifth Third Bancorp (NASDAQ:FITB) were released by: Bizjournals.com and their article: “EXCLUSIVE: Fifth Third gets another chance at key Federal Reserve review” published on October 27, 2016 as well as Streetinsider.com‘s news article titled: “Fifth Third Bancorp (FITB) Tops Q3 EPS by 3c” with publication date: October 20, 2016.
FITB Company Profile
Fifth Third Bancorp, incorporated on October 7, 1974, is a bank holding firm and a financial holding company. The Firm 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. The Firm operates through four divisions: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. The Firm diversifies its loan and lease portfolio by offering a range of loan and lease products with various payment terms and rate structures. It offers commercial and industrial loans, commercial mortgage loans, commercial construction loans, commercial leases, residential mortgage loans, home equity, automobile loans, credit card, and other consumer loans and leases. The Firm offers various types of deposits, such as demand deposits, interest checking deposits, savings deposits, money market deposits, transaction deposits and other time deposits. The Company’s total deposits are approximately $103 billion. The Company’s total loans are approximately $93 billion.
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