Fifth Third Bancorp (NASDAQ:FITB) Receives "Buy" Rating from DA Davidson

Key Points

• DA Davidson reiterated a Buy rating on Fifth Third with a $58 price target, implying roughly a 13.77% upside; MarketBeat's consensus is a "Moderate Buy" with a $56.56 consensus price target and most analysts rated the stock Buy or Hold.
• Fifth Third posted a strong earnings beat for the quarter, reporting $0.83 EPS versus estimates of ($0.04) (a $0.87 beat) while revenue of $2.86 billion slightly missed expectations; analysts expect about 3.68 EPS for the full fiscal year.
• Shares traded at $50.98 with a market cap of $46.17 billion and a P/E of 17.11, and roughly 83.8% of the stock is held by institutional investors.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report)'s stock had its "buy" rating restated by stock analysts at DA Davidson in a note issued to investors on Monday,Benzinga reports. They currently have a $58.00 price objective on the financial services provider's stock. DA Davidson's price objective would indicate a potential upside of 13.77% from the company's previous close.

Other equities analysts have also issued reports about the stock. Argus increased their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Truist Financial cut their price objective on Fifth Third Bancorp from $60.00 to $53.00 and set a "buy" rating on the stock in a report on Friday, March 13th. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Wednesday, January 21st. Janney Montgomery Scott boosted their price target on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a "buy" rating in a report on Wednesday, January 21st. Finally, Robert W. Baird boosted their price target on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded up $0.64 on Monday, reaching $50.98. The company's stock had a trading volume of 7,050,544 shares, compared to its average volume of 11,652,170. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $46.17 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.03 and a beta of 0.95. The business's fifty day moving average price is $48.65 and its 200 day moving average price is $46.86. Fifth Third Bancorp has a twelve month low of $32.79 and a twelve month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FITB. Westside Investment Management Inc. increased its holdings in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after buying an additional 292 shares during the period. Harbor Investment Advisory LLC increased its holdings in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after purchasing an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the 4th quarter worth about $29,000. United Community Bank increased its holdings in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 581 shares during the period. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at $30,000. 83.79% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.