Fifth Third Bancorp’s (FITB) Buy Rating Reaffirmed at TD Cowen

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “buy” rating reaffirmed by TD Cowen in a note issued to investors on Thursday, Benzinga reports. They presently have a $60.00 price objective on the financial services provider’s stock. TD Cowen’s price objective indicates a potential upside of 19.74% from the company’s previous close.

FITB has been the topic of a number of other research reports. Stephens lowered their price target on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 22nd. Bank of America boosted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Citigroup raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and upped their target price for the company from $59.00 to $62.00 in a report on Tuesday, September 22nd. Truist Financial dropped their price target on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.92.

Fifth Third Bancorp Trading Down 0.0%

NASDAQ:FITB opened at $50.11 on Thursday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average price of $54.42 and a two-hundred day moving average price of $52.69. The stock has a market capitalization of $45.44 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the firm posted $0.88 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $25,000. Security National Bank of SO Dak acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $25,000. SouthState Bank Corp grew its position in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the fourth quarter valued at $29,000. Finally, Clearstead Trust LLC purchased a new position in Fifth Third Bancorp during the second quarter worth about $29,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.