Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $57.00

Key Points

• TD Cowen has increased the price target for Fifth Third Bancorp from $53.00 to $57.00, indicating a potential upside of 30.17% from the current price.
• The stock received a "buy" rating from TD Cowen, with other analysts also raising their price targets and ratings, reflecting positive sentiment about the company's performance.
• Fifth Third Bancorp has initiated a stock buyback plan allowing the repurchase of 100 million shares, suggesting confidence in the company's valuation by its leadership.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective hoisted by investment analysts at TD Cowen from $53.00 to $57.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has a "buy" rating on the financial services provider's stock. TD Cowen's price objective would indicate a potential upside of 30.17% from the company's current price.

A number of other equities research analysts also recently weighed in on FITB. Robert W. Baird raised their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Thursday, October 2nd. Wolfe Research boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 1st. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Citigroup boosted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Finally, Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an "overweight" rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.35.

Fifth Third Bancorp Stock Down 1.4%

Fifth Third Bancorp stock opened at $43.79 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $28.98 billion, a PE ratio of 13.60, a P/E/G ratio of 1.42 and a beta of 0.95. The firm's 50 day moving average price is $44.13 and its two-hundred day moving average price is $40.64.

Fifth Third Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Monday, June 16th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider's stock valued at $3,448,743,000 after buying an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 1.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider's stock valued at $958,614,000 after acquiring an additional 398,517 shares in the last quarter. Invesco Ltd. increased its stake in Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider's stock valued at $850,473,000 after acquiring an additional 2,941,333 shares during the period. Geode Capital Management LLC raised its position in Fifth Third Bancorp by 3.6% in the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider's stock worth $737,728,000 after purchasing an additional 619,956 shares in the last quarter. Finally, Norges Bank acquired a new stake in Fifth Third Bancorp during the second quarter valued at approximately $357,440,000. 83.79% of the stock is owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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