Fifth Third Bancorp (NASDAQ:FITB) Receives "Buy (B-)" Rating from Weiss Ratings

Key Points

• Fifth Third Bancorp (NASDAQ: FITB) received a reaffirmed "Buy (B-)" rating from Weiss Ratings, signaling strong investor confidence in the stock.
• Several analysts have raised their price targets for FITB, with Truist Financial setting a new target of $52.00, indicating potential for growth.
• The company has initiated a stock repurchase program allowing the buyback of up to 100 million shares, suggesting that management believes the stock is undervalued.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report)'s stock had its "buy (b-)" rating reaffirmed by investment analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on FITB. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Evercore ISI raised their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an "in-line" rating in a research report on Tuesday, September 30th. Robert W. Baird raised their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Thursday, October 2nd. Wolfe Research raised their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "market perform" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.16.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $43.54 on Wednesday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock's 50-day moving average is $44.17 and its 200 day moving average is $40.69. The company has a market cap of $28.82 billion, a P/E ratio of 13.52, a PEG ratio of 1.41 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH raised its position in Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider's stock valued at $11,450,000 after acquiring an additional 16,000 shares in the last quarter. Principal Financial Group Inc. raised its position in Fifth Third Bancorp by 1.6% during the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after acquiring an additional 12,905 shares in the last quarter. Heartland Bank & Trust Co purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $1,011,000. U.S. Capital Wealth Advisors LLC raised its position in Fifth Third Bancorp by 49.5% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider's stock valued at $1,858,000 after acquiring an additional 15,692 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in Fifth Third Bancorp by 1,448.6% during the first quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider's stock valued at $3,845,000 after acquiring an additional 91,754 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other 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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