Raymond James Maintains a Buy Rating on Fifth Third Bancorp (FITB)
Raymond James analyst David Long maintained a Buy rating on Fifth Third Bancorp (FITB) today and set a price target of $31.00. The company’s shares closed last Monday at $28.22.
According to TipRanks.com, Long is ranked 0 out of 5 stars with an average return of -6.6% and a 28.2% success rate. Long covers the Financial sector, focusing on stocks such as TCF Financial Corporation, Huntington Bancshares Inc, and Wintrust Financial Corp.
Fifth Third Bancorp has an analyst consensus of Moderate Buy, with a price target consensus of $30.00, implying a 6.7% upside from current levels. In a report issued on October 11, Merrill Lynch also upgraded the stock to Buy with a $30.00 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 $2.13 billion and net profit of $449 million. In comparison, last year the company earned revenue of $1.84 billion and had a net profit of $428 million.
Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying 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.