Fifth Third Bancorp [FITB] Stock trading around $34.29 per share: What’s Next?

Fifth Third Bancorp [NASDAQ: FITB] slipped around -1.87 points on Tuesday, while shares priced at $34.29 at the close of the session, down -5.17%. The company report on March 7, 2023 that Fifth Third Announces Acquisition of Big Data Healthcare, a Payments Company Serving National Health Systems, Physicians.

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Further Advances Bank’s Digital Payments and Managed Services Offerings.

Fifth Third Bancorp (NASDAQ: FITB) today announced a definitive agreement to acquire Big Data Healthcare, a technology solutions provider for healthcare payments and remittance. This transaction adds national healthcare revenue cycle capabilities, addressing the complex and complicated needs of clients, while building on Fifth Third’s legacy of digital innovation and focus on the healthcare sector.

Fifth Third Bancorp stock is now 4.51% up from its year-to-date (YTD) trading value. FITB Stock saw the intraday high of $36.34 and lowest of $34.185 per share. The company’s 52-week high price is 48.03, which means current price is +7.69% above from all time high which was touched on 02/02/23.

Compared to the average trading volume of 4.98M shares, FITB reached a trading volume of 5926878 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Fifth Third Bancorp [FITB]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FITB shares is $40.15 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FITB stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

DA Davidson have made an estimate for Fifth Third Bancorp shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 21, 2022. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Equal-Weight. The new note on the price target was released on December 05, 2022, representing the official price target for Fifth Third Bancorp stock. Previously, the target price had yet another raise to $39, while Wedbush analysts kept a Outperform rating on FITB stock.

The Average True Range (ATR) for Fifth Third Bancorp is set at 0.84, with the Price to Sales ratio for FITB stock in the period of the last 12 months amounting to 3.47. The Price to Book ratio for the last quarter was 1.55, with the Price to Cash per share for the same quarter was set at 18.33. Price to Free Cash Flow for FITB in the course of the last twelve months was 4.44.

How has FITB stock performed recently?

Fifth Third Bancorp [FITB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.54. With this latest performance, FITB shares dropped by -8.90% in over the last four-week period, additionally plugging by 1.84% over the last 6 months – not to mention a drop of -23.03% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FITB stock in for the last two-week period is set at 35.56, with the RSI for the last a single of trading hit 27.75, and the three-weeks RSI is set at 41.09 for Fifth Third Bancorp [FITB]. The present Moving Average for the last 50 days of trading for this stock 35.35, while it was recorded at 35.70 for the last single week of trading, and 34.91 for the last 200 days.

Earnings analysis for Fifth Third Bancorp [FITB]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FITB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Fifth Third Bancorp go to 4.84%.

Insider trade positions for Fifth Third Bancorp [FITB]

There are presently around $19,158 million, or 83.00% of FITB stock, in the hands of institutional investors. The top three institutional holders of FITB stocks are: VANGUARD GROUP INC with ownership of 86,386,101, which is approximately 0.98% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 55,320,766 shares of the stock with an approximate value of $1.9 billion in FITB stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $1.29 billion in FITB stock with ownership of nearly 23.219% of the company’s market capitalization.

394 institutional holders increased their position in Fifth Third Bancorp [NASDAQ:FITB] by around 33,897,904 shares. Additionally, 366 investors decreased positions by around 36,745,123 shares, while 172 investors held positions by with 488,060,792 shares. The mentioned changes placed institutional holdings at 558,703,819 shares, according to the latest SEC report filing. FITB stock had 108 new institutional investments in for a total of 4,284,793 shares, while 49 institutional investors sold positions of 1,360,656 shares during the same period.


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