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

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

Several other brokerages have also commented on FITB. Bank of America increased their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 target price on the stock. UBS Group decreased their price target on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Morgan Stanley upped their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $60.77.

Fifth Third Bancorp Trading Up 0.2%

Shares of FITB opened at $53.07 on Tuesday. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50. The company has a 50-day moving average of $53.02 and a 200 day moving average of $51.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $48.13 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 1.09 and a beta of 0.97.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. D.A. Davidson & CO. raised its position in shares of Fifth Third Bancorp by 69.7% in the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after acquiring an additional 20,862 shares during the period. Bank of America Corp DE purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $995,717,000. Keybank National Association OH grew its position in shares of Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares during the period. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $4,222,000. Finally, Saudi Central Bank increased its stake in shares of Fifth Third Bancorp by 91.0% in the 2nd quarter. Saudi Central Bank now owns 63,390 shares of the financial services provider’s stock valued at $3,573,000 after purchasing an additional 30,201 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.