Royal Bank Of Canada Raises Fifth Third Bancorp (NASDAQ:FITB) Price Target to $62.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by Royal Bank Of Canada from $57.00 to $62.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 7.04% from the company’s previous close.

Several other brokerages have also weighed in on FITB. Barclays increased their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Truist Financial raised their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $59.61.

Fifth Third Bancorp Trading Down 0.2%

Shares of Fifth Third Bancorp stock opened at $57.92 on Monday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The firm has a market cap of $52.49 billion, a PE ratio of 19.44, a P/E/G ratio of 1.09 and a beta of 0.90. The business’s fifty day moving average is $53.01 and its two-hundred day moving average is $50.63. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in FITB. Trust Asset Management LLC increased its stake in shares of Fifth Third Bancorp by 29.2% in the second quarter. Trust Asset Management LLC now owns 9,648 shares of the financial services provider’s stock worth $544,000 after buying an additional 2,182 shares during the last quarter. Whitener Capital Management Inc. bought a new position in shares of Fifth Third Bancorp during the second quarter worth about $214,000. Tema ETFs LLC increased its holdings in Fifth Third Bancorp by 10.7% in the second quarter. Tema ETFs LLC now owns 13,524 shares of the financial services provider’s stock valued at $762,000 after buying an additional 1,305 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Fifth Third Bancorp by 8.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 111,634 shares of the financial services provider’s stock valued at $6,293,000 after acquiring an additional 8,565 shares during the last quarter. Finally, Sapient Capital LLC lifted its stake in Fifth Third Bancorp by 5.9% during the second quarter. Sapient Capital LLC now owns 230,945 shares of the financial services provider’s stock worth $13,111,000 after purchasing an additional 12,912 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other 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.