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Upgrade Alert for Fifth Third Bancorp (FITB)

By Shiri Gupta

Fifth Third Bancorp (NASDAQ:FITB) was upgraded from Neutral to Buy at Compass Point today. The stock closed yesterday at $20.80 on volume of 8.1 million shares, above average daily volume of 7.5 million.

Fifth Third Bancorp share prices have moved between a 52-week high of $21.93 and a 52-week low of $13.84 and closed yesterday at 50% above that low price at $20.80 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

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.

Fifth Third Bancorp has overhead space with shares priced $20.80, or 5.4% below the average consensus analyst price target of $21.99. The stock should discover initial support at its 200-day moving average (MA) of $18.59 and subsequent support at its 50-day MA of $17.20.

SmarTrend recommended that subscribers consider buying shares of Fifth Third Bancorp on July 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.94. Since that recommendation, shares of Fifth Third Bancorp have risen 9.5%. 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

Ticker(s): FITB