Fifth Third Bancorp (NASDAQ:FITB) Stock Rated “Outperform” in New Coverage at Wolfe Research

Analysts at Wolfe Research began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note issued on Tuesday. The firm set an “outperform” rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. DA Davidson raised their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Truist Financial decreased their price target on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Finally, Citigroup lifted their price objective on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.77.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $53.07 on Tuesday. The firm has a market cap of $48.13 billion, a PE ratio of 17.81, a PEG ratio of 1.09 and a beta of 0.97. The stock has a 50 day moving average of $53.02 and a 200 day moving average of $51.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company’s revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. On average, research analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FITB. Oakworth Capital Inc. grew its stake in shares of Fifth Third Bancorp by 1.9% during the third quarter. Oakworth Capital Inc. now owns 452,372 shares of the financial services provider’s stock valued at $22,881,000 after buying an additional 8,307 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Fifth Third Bancorp by 13.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 96,278 shares of the financial services provider’s stock worth $4,870,000 after acquiring an additional 11,405 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 3.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 29,804 shares of the financial services provider’s stock worth $1,507,000 after acquiring an additional 1,081 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 31.6% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 8,821 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 2,118 shares during the last quarter. Finally, Sigma Planning Corp boosted its holdings in Fifth Third Bancorp by 31.1% during the 3rd quarter. Sigma Planning Corp now owns 29,572 shares of the financial services provider’s stock valued at $1,496,000 after acquiring an additional 7,012 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.