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

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “buy” rating reissued by investment analysts at TD Cowen in a report released on Tuesday,Benzinga reports. They currently have a $60.00 price target on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 14.46% from the company’s previous close.

Several other equities analysts have also recently issued reports on FITB. Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Stephens boosted their target price on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, January 21st. Piper Sandler boosted their price objective on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Finally, Janney Montgomery Scott upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.21.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $0.47 during trading hours on Tuesday, hitting $52.42. The company had a trading volume of 2,080,109 shares, compared to its average volume of 14,342,559. The business has a 50 day moving average of $47.89 and a 200-day moving average of $44.92. The company has a market cap of $34.65 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.01 and a beta of 0.97. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $53.33. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The firm had revenue of $3.82 billion during the quarter. As a group, equities research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Swedbank AB grew its stake in shares of Fifth Third Bancorp by 2.0% during the 4th quarter. Swedbank AB now owns 277,957 shares of the financial services provider’s stock valued at $13,011,000 after buying an additional 5,362 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Fifth Third Bancorp by 6.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,388,091 shares of the financial services provider’s stock valued at $66,226,000 after purchasing an additional 78,168 shares in the last quarter. BOKF NA increased its position in Fifth Third Bancorp by 53.9% during the 4th quarter. BOKF NA now owns 70,118 shares of the financial services provider’s stock worth $3,282,000 after purchasing an additional 24,570 shares in the last quarter. AssuredPartners Investment Advisors LLC acquired a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $262,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Fifth Third Bancorp by 1.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 85,666 shares of the financial services provider’s stock worth $4,010,000 after buying an additional 1,590 shares during the period. 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.