TD Cowen Boosts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $58.00

Key Points

• TD Cowen has raised its price target for Fifth Third Bancorp (NASDAQ: FITB) from $57.00 to $58.00, indicating a potential upside of 40.88% from the stock's previous close.
• The current average target price for Fifth Third Bancorp is $50.45, with a consensus rating of Moderate Buy, which includes ratings from 17 analysts with a Buy rating and 4 providing a Hold rating.
• Fifth Third Bancorp's stock is currently trading at $41.17, which is above its one-year low of $32.25 and below its one-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target raised by TD Cowen from $57.00 to $58.00 in a report released on Monday,MarketScreener reports. The firm presently has a "buy" rating on the financial services provider's stock. TD Cowen's price target points to a potential upside of 40.88% from the stock's previous close.

A number of other brokerages have also recently commented on FITB. Piper Sandler lowered their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Tuesday, October 7th. Evercore ISI boosted 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. Citigroup lifted their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. Finally, Stephens set a $52.00 target price on Fifth Third Bancorp and gave the stock an "overweight" rating in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $50.45.

Fifth Third Bancorp Price Performance

FITB opened at $41.17 on Monday. The company's 50 day simple moving average is $44.29 and its 200-day simple moving average is $40.85. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $27.25 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 1.11 and a beta of 0.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Fifth Third Bancorp by 11.5% in the 1st quarter. GAMMA Investing LLC now owns 30,698 shares of the financial services provider's stock valued at $1,203,000 after acquiring an additional 3,170 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Fifth Third Bancorp by 271.9% in the first quarter. Exchange Traded Concepts LLC now owns 6,921 shares of the financial services provider's stock valued at $271,000 after purchasing an additional 5,060 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Fifth Third Bancorp by 3.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 88,770 shares of the financial services provider's stock valued at $3,480,000 after acquiring an additional 2,925 shares in the last quarter. HWG Holdings LP bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Fifth Third Bancorp by 2.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 75,261 shares of the financial services provider's stock valued at $2,950,000 after acquiring an additional 1,629 shares during the period. 83.79% of the stock is currently 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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