Fifth Third Bancorp (NASDAQ:FITB) Upgraded to "Buy" at DA Davidson

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) was upgraded by equities research analysts at DA Davidson from a "neutral" rating to a "buy" rating in a report issued on Monday,Benzinga reports. The brokerage currently has a $47.00 target price on the financial services provider's stock, up from their prior target price of $42.00. DA Davidson's target price suggests a potential upside of 19.26% from the company's previous close.

A number of other brokerages also recently weighed in on FITB. Royal Bank of Canada reissued an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Wells Fargo & Company dropped their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Stephens restated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. Finally, Truist Financial cut their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.29.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $39.41 on Monday. The firm has a market cap of $26.31 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90. The company's fifty day moving average is $36.65 and its 200-day moving average is $40.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the business posted $0.70 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FITB. Charles Schwab Investment Management Inc. boosted its stake in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Invesco Ltd. boosted its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider's stock valued at $695,265,000 after acquiring an additional 862,374 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock valued at $715,219,000 after acquiring an additional 285,910 shares in the last quarter. Boston Partners increased its stake in Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. Finally, First Trust Advisors LP raised its position in Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after purchasing an additional 1,027,044 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

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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