Fifth Third Bancorp’s (FITB) “Buy” Rating Reiterated at TD Cowen

TD Cowen reaffirmed their buy rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report published on Tuesday,Benzinga reports. They currently have a $60.00 price target on the financial services provider’s stock.

FITB has been the subject of several other research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Thursday, January 22nd. Argus increased their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Jefferies Financial Group boosted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Evercore ISI set a $52.00 price target on Fifth Third Bancorp in a report on Tuesday, January 6th. Seventeen investment analysts have rated the stock with a Buy rating and three 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 price target of $56.56.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $53.79 on Tuesday. The company’s 50 day simple moving average is $48.51 and its 200-day simple moving average is $45.11. The firm has a market cap of $35.56 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.36. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The firm had revenue of $3.82 billion during the quarter. As a group, equities analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Gamco Investors INC. ET AL grew its position in Fifth Third Bancorp by 15.9% during the fourth quarter. Gamco Investors INC. ET AL now owns 27,281 shares of the financial services provider’s stock worth $1,277,000 after buying an additional 3,736 shares during the period. North Dakota State Investment Board purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $1,069,000. Elyxium Wealth LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $77,000. Abacus Wealth Partners LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $440,000. Finally, iA Global Asset Management Inc. increased its stake in Fifth Third Bancorp by 2,463.6% in the 4th quarter. iA Global Asset Management Inc. now owns 50,811 shares of the financial services provider’s stock valued at $2,378,000 after purchasing an additional 48,829 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.