TD Cowen Reaffirms Buy Rating for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “buy” rating reissued by equities researchers at TD Cowen in a note issued to investors on Tuesday,Benzinga reports. They presently have a $60.00 price target on the financial services provider’s stock. TD Cowen’s price objective points to a potential upside of 10.93% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Wolfe Research increased their target price on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Argus lifted their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Finally, Evercore ISI set a $52.00 price target on Fifth Third Bancorp in a report on Tuesday, January 6th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.31.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $54.09 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $48.30 and its two-hundred day moving average is $45.05. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.36. The firm has a market capitalization of $35.76 billion, a PE ratio of 15.28, a P/E/G ratio of 1.06 and a beta of 0.99.

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 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion during the quarter. Research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Buying and Selling 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 stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $26,000. Westside Investment Management Inc. boosted its position in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares during the last quarter. Activest Wealth Management grew its stake in Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares during the period. Harbor Investment Advisory LLC grew its stake in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the period. Finally, United Community Bank raised its holdings in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 581 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.