JPMorgan Chase & Co. Initiates Coverage on Fifth Third Bancorp (NASDAQ:FITB)

Key Points

• JPMorgan Chase & Co. initiated coverage on Fifth Third Bancorp with an overweight rating and a $50.50 price target, implying roughly a 14.1% upside from the prior close.
• Analyst sentiment is broadly positive—17 analysts rate the stock a Buy and 3 rate it a Hold—resulting in a MarketBeat consensus target of about $56.99 and an average rating of "Moderate Buy."
• Shares recently traded around $44.26 with a market cap of $40.08B and a P/E of 12.5; the 50-day and 200-day moving averages are $50.45 and $46.60 respectively, and institutional investors hold about 83.8% of the stock.

Research analysts at JPMorgan Chase & Co. started coverage on shares of Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) in a research report issued on Monday. The brokerage set an "overweight" rating and a $50.50 price target on the financial services provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 14.09% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Morgan Stanley boosted their target price on Fifth Third Bancorp from $60.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. TD Cowen reiterated a "buy" rating and set a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, January 26th. Wolfe Research boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, January 21st. Finally, UBS Group reaffirmed a "buy" rating and set a $59.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.99.

Fifth Third Bancorp Price Performance

FITB stock traded up $0.86 during mid-day trading on Monday, hitting $44.26. 1,664,245 shares of the stock were exchanged, compared to its average volume of 12,676,716. The business has a fifty day moving average price of $50.45 and a 200 day moving average price of $46.60. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $55.44. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $40.08 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 0.88 and a beta of 0.96.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after purchasing an additional 292 shares during the period. Harbor Investment Advisory LLC increased its holdings in Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Leonteq Securities AG purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $30,000. Finally, Evolution Wealth Management Inc. purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $26,000. 83.79% of the stock is currently 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.

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