TD Cowen Raises Fifth Third Bancorp (NASDAQ:FITB) Price Target to $60.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target hoisted by equities research analysts at TD Cowen from $58.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price objective points to a potential upside of 20.43% from the stock’s current price.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Royal Bank Of Canada raised their price objective on shares of Fifth Third Bancorp from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Janney Montgomery Scott raised their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $49.82 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a market cap of $32.93 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 0.88 and a beta of 0.97. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $50.47. The firm’s 50-day simple moving average is $45.25 and its two-hundred day simple moving average is $44.01.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm had revenue of $3.82 billion during the quarter. Research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The SEC filing for this purchase provides additional information. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC lifted its stake in shares of Fifth Third Bancorp by 32.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 27,760 shares of the financial services provider’s stock valued at $1,088,000 after acquiring an additional 6,799 shares during the last quarter. NewEdge Advisors LLC increased its stake in Fifth Third Bancorp by 4.1% in the 1st quarter. NewEdge Advisors LLC now owns 43,479 shares of the financial services provider’s stock worth $1,704,000 after purchasing an additional 1,723 shares during the period. Fred Alger Management LLC lifted its position in Fifth Third Bancorp by 17.3% in the first quarter. Fred Alger Management LLC now owns 77,248 shares of the financial services provider’s stock valued at $3,057,000 after purchasing an additional 11,381 shares during the last quarter. Arete Wealth Advisors LLC bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $203,000. Finally, MBB Public Markets I LLC purchased a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $298,000. 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 Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.