Fifth Third Bancorp (NASDAQ:FITB) Earns Buy Rating from TD Cowen

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “buy” rating reaffirmed by equities research analysts at TD Cowen in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $60.00 target price on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 19.74% from the stock’s previous close.

Several other research firms have also weighed in on FITB. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research note on Monday, July 6th. Royal Bank Of Canada raised their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Stephens reduced their price target on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of 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. Finally, DA Davidson upped their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $60.92.

Fifth Third Bancorp Stock Down 0.0%

Shares of FITB opened at $50.11 on Thursday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company’s fifty day moving average is $54.42 and its two-hundred day moving average is $52.69. The firm has a market cap of $45.44 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the business posted $0.88 EPS. Fifth Third Bancorp’s revenue was up 45.8% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. HWG Holdings LP acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at approximately $4,338,000. Venture Visionary Partners LLC boosted its stake in Fifth Third Bancorp by 6.0% during the 3rd quarter. Venture Visionary Partners LLC now owns 140,937 shares of the financial services provider’s stock valued at $7,129,000 after acquiring an additional 7,945 shares during the last quarter. Wealth Group Ltd acquired a new position in Fifth Third Bancorp during the 3rd quarter worth $209,000. CX Institutional grew its holdings in Fifth Third Bancorp by 2.7% during the 3rd quarter. CX Institutional now owns 20,007 shares of the financial services provider’s stock worth $1,012,000 after acquiring an additional 518 shares in the last quarter. Finally, QRG Capital Management Inc. increased its position in shares of Fifth Third Bancorp by 15.1% in the 2nd quarter. QRG Capital Management Inc. now owns 37,424 shares of the financial services provider’s stock worth $2,110,000 after purchasing an additional 4,911 shares during the last quarter. 83.79% of the stock is 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.