Fifth Third Bancorp (NASDAQ:FITB) Stock Rated Buy in New Coverage at TD Cowen

Key Points

• TD Cowen initiated coverage of Fifth Third Bancorp with a “buy” rating and a $60 price target, implying approximately 19.4% upside from the reported $50.24 share price.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $60.92, supported by 18 Buy and one Strong Buy recommendations.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though adjusted earnings of $0.83 per share narrowly missed the $0.84 consensus estimate; institutional investors own 83.79% of the stock.

Research analysts at TD Cowen initiated coverage on shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set a "buy" rating and a $60.00 price target on the financial services provider's stock. TD Cowen's target price would suggest a potential upside of 19.44% from the stock's current price.

A number of other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Truist Financial cut their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Royal Bank Of Canada raised their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research report on Monday, July 20th. Citigroup upgraded Fifth Third Bancorp from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $59.00 to $62.00 in a research report on Tuesday, September 22nd. Finally, Stephens cut their price objective on 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. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.92.

Fifth Third Bancorp Price Performance

Shares of FITB stock traded up $0.12 during mid-day trading on Thursday, hitting $50.24. 245,569 shares of the stock traded hands, compared to its average volume of 8,299,896. The company's 50-day simple moving average is $54.42 and its 200-day simple moving average is $52.69. The firm has a market cap of $45.56 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. HWG Holdings LP acquired a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $4,338,000. Venture Visionary Partners LLC boosted its stake in shares of 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 worth $7,129,000 after acquiring an additional 7,945 shares in the last quarter. Wealth Group Ltd acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth $209,000. CX Institutional increased its stake in Fifth Third Bancorp by 2.7% in the 3rd quarter. CX Institutional now owns 20,007 shares of the financial services provider's stock valued at $1,012,000 after buying an additional 518 shares during the last quarter. Finally, QRG Capital Management Inc. increased its position in shares of Fifth Third Bancorp by 15.1% during the second quarter. QRG Capital Management Inc. now owns 37,424 shares of the financial services provider's stock valued at $2,110,000 after buying an additional 4,911 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

About Fifth Third Bancorp

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.