Downgrade Alert for Fifth Third Bancorp (FITB)
Fifth Third Bancorp (NASDAQ:FITB) was downgraded from Outperform to Market Perform at Raymond James today. The stock closed yesterday at $18.47 on volume of 5.2 million shares, below average daily volume of 6.4 million.
Fifth Third Bancorp is a diversified financial services company that operates banking centers in in the Midwestern and Southeastern regions of the United States. The Company's principal businesses include retail banking, commercial banking, investment advisory, and data processing.
Over the past year, Fifth Third Bancorp has traded in a range of $13.75 to $19.79 and closed yesterday at $18.47, 34% above that low. The 200-day and 50-day moving averages have moved 0.51% higher and 0.29% higher over the past week, respectively.
There is potential upside of 2.9% for shares of Fifth Third Bancorp based on a current price of $18.47 and an average consensus analyst price target of $19.00. The stock should find resistance at its 50-day moving average (MA) of $18.93, as well as support at its 200-day MA of $17.02.
SmarTrend recommended that subscribers consider buying shares of Fifth Third Bancorp on January 2nd, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.60. Since that recommendation, shares of Fifth Third Bancorp have risen 18.4%. We continue to monitor FITB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades fifth third bancorp