The stock of Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week high and has $31.62 target or 39.00% above today’s $22.75 share price. The 7 months bullish chart indicates low risk for the $16.99 billion company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $31.62 price target is reached, the company will be worth $6.63B 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 4.11 million shares traded hands. Fifth Third Bancorp (NASDAQ:FITB) has risen 34.22% since April 7, 2016 and is uptrending. It has outperformed by 29.44% 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. Fifth Third has been the topic of 43 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Rafferty upgraded the shares of FITB in a report on Friday, September 16 to “Buy” rating. The firm has “Outperform” rating by Oppenheimer given on Friday, January 22. As per Monday, May 16, the company rating was upgraded by Wood. The firm earned “Perform” rating on Wednesday, July 6 by Oppenheimer. On Monday, October 10 the stock rating was downgraded by Nomura to “Reduce”. The company was maintained on Monday, June 6 by Citigroup. The firm earned “Hold” rating on Friday, April 1 by Evercore. The rating was upgraded by Bernstein on Wednesday, August 26 to “Mkt Perform”. The rating was downgraded by Goldman Sachs on Friday, October 2 to “Neutral”. RBC Capital Markets maintained the shares of FITB in a report on Wednesday, October 21 with “Outperform” rating.
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 Q2 2016. Its down 0.06, from 0.94 in 2016Q1. The ratio turned negative, 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.
State Of Wisconsin Board holds 0.13% of its portfolio in Fifth Third Bancorp (NASDAQ:FITB) for 1.86M shares. Mitsubishi Ufj Tru owns 1.61M shares or 0.06% of their US portfolio. Blackrock holds 1.71 million shares or 0.05% of its portfolio. Teachers Retirement Sys Of The State Of Kentucky accumulated 107,533 shares or 0.02% of the stock. Ftb Advisors holds 0.02% or 6,794 shares in its portfolio. Liberty Mutual Gp Asset, a Massachusetts-based fund reported 53,092 shares. Huntington Natl Bank has 128,061 shares for 0.06% of their US portfolio. Qcm Cayman holds 0.09% or 11,121 shares in its portfolio. Novare Capital Mgmt Limited Liability last reported 169,341 shares in the company. Moreover, Deutsche Fincl Bank Ag has 0.03% invested in Fifth Third Bancorp (NASDAQ:FITB) for 2.60M shares. Princeton Alpha Lp holds 0.17% or 55,233 shares in its portfolio. The Texas-based Natl Ins Tx has invested 0.19% in Fifth Third Bancorp (NASDAQ:FITB). Gargoyle Advisor Lc has invested 1.01% of its portfolio in Fifth Third Bancorp (NASDAQ:FITB). Intrust State Bank Na has 0.21% invested in the company for 29,892 shares. Capital reported 980,000 shares or 0% of all its holdings.
More important recent Fifth Third Bancorp (NASDAQ:FITB) news were published by: Bizjournals.com which released: “Meet Fifth Third’s new top banker coming to town” on October 27, 2016, also Nasdaq.com published article titled: “Fifth Third Bancorp Reaches Analyst Target Price”, Bizjournals.com published: “Fifth Third adds to its C-suite” on November 03, 2016. More interesting news about Fifth Third Bancorp (NASDAQ:FITB) was released by: Businesswire.com and their article: “Brian Lamb Named Chief Corporate Responsibility and Reputation Officer at …” with publication date: October 26, 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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