Fifth Third Bancorp (FITB) Receives a Rating Update from a Top Analyst

RBC Capital analyst Gerard Cassidy maintained a Buy rating on Fifth Third Bancorp (FITBResearch Report) on September 28 and set a price target of $50.00. The company’s shares closed yesterday at $31.96.

Cassidy covers the Financial sector, focusing on stocks such as Bank of America, Fifth Third Bancorp, and JPMorgan Chase & Co.. According to TipRanks, Cassidy has an average return of 19.2% and a 61.00% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Fifth Third Bancorp with a $45.18 average price target, implying a 41.36% upside from current levels. In a report released yesterday, Goldman Sachs also maintained a Buy rating on the stock with a $39.00 price target.

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Based on Fifth Third Bancorp’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.96 billion and a net profit of $562 million. In comparison, last year the company earned a revenue of $1.89 billion and had a net profit of $709 million

Based on the recent corporate insider activity of 102 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FITB in relation to earlier this year.

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. The Commercial Banking segment offers credit intermediation, cash management and financial services to large and middle-market businesses. The Branch Banking segment provides deposit, loan and lease products to individuals and small businesses. The Consumer Lending segment includes residential mortgage, home equity, automobile and indirect lending activities. The Wealth & Asset Management segment provides investment alternatives for individuals, companies and not-for-profit organizations. The company was founded in 1975 and is headquartered in Cincinnati, OH.

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