Fact Check: What’s up with Fifth Third Bancorp (FITB) today

The biggest gainers of the session on the Wall Street include Fifth Third Bancorp (NASDAQ:FITB), which rose 0.8 points or 3.06% to trade at $26.98 as last check. The stock closed last session at $26.18 and sets an active trading volume day with a reported 2800130 contracts so far this session. FITB shares had a relatively better volume day versus average trading capacity of 5.28 million shares, but with a 0.73 billion float and a 0.38% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for FITB stock indicates that the average analyst price target is $31.16 per share. This means the stock has a potential increase of 15.49% from where the FITB share price has been trading recently which is between $25.78 and $26.35. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $27. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $35.

During the recent trading session for Fifth Third Bancorp (NASDAQ:FITB), the company witnessed their stock rise $0.39 over a week and tumble down $-1.49 from the price 20 days ago. When compared to their established 52-week high of $30.2, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/29/19. The recent low of $22.12 stood for a -10.66% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.4 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for FITB is set at $31, a figure which is above the recent 1-year high the stock witnessed.

Looking at the current readings for Fifth Third Bancorp, the two-week RSI stands at 53.05. This figure suggests that FITB stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current FITB readings is similarly very revealing as it has a stochastic reading of 33.02% at this stage. This figure means that FITB share price today is being neutral.

Technical chart claims that Fifth Third Bancorp (FITB) would settle between $26.43/share to $26.67/share level. However, if the stock price goes below the $25.86 mark, then the market for Fifth Third Bancorp becomes much weaker. If that happens, the stock price might even plunge as low as $25.53 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.08. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at BofA/Merrill raised their recommendation on shares of FITB from Neutral to Buy in their opinion released on October 11. Citigroup analysts have lowered their rating of Fifth Third Bancorp (NASDAQ:FITB) stock from Buy to Neutral in a separate flash note issued to investors on July 12. Analysts at Keefe Bruyette released an upgrade from Mkt Perform to Outperform for the stock, in a research note that dated back to April 04.

FITB equity has an average rating of 2.82, with the figure leaning towards a bullish end. 21 analysts who tracked the company were contacted by Reuters. Amongst them, 11 rated the stock as a hold while the remaining 10 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 9 analysts rated Fifth Third Bancorp (NASDAQ:FITB) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, FITB stock price is currently trading at 8.73X forward 12-month Consensus EPS estimates, and its P/E ratio is 8.9 while for the average stock in the same group, the multiple is 11.7. Fifth Third Bancorp current P/B ratio of 1 means it is trading at a discount against its industry’s 1.3.

Fifth Third Bancorp (FITB)’s current-quarter revenues are projected to climb by nearly 21% to hit $1.94 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 8.8% from $6.93 billion to a noteworthy $7.54 billion. At the other end of the current quarter income statement, Fifth Third Bancorp is expected to see its adjusted earnings surge by roughly 14.1% to hit $0.73 per share. For the fiscal year, FITB’s earnings are projected to climb by roughly 11.9% to hit $2.83 per share.