Royal Bank of Canada Reiterates Outperform Rating for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They currently have a $47.00 target price on the financial services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 7.64% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday. Citigroup raised their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Truist Financial raised their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.14.

Fifth Third Bancorp Stock Down 2.7 %

NASDAQ:FITB traded down $1.20 during trading hours on Wednesday, hitting $43.66. The stock had a trading volume of 2,839,037 shares, compared to its average volume of 5,399,828. The company has a market cap of $29.28 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24. The business has a 50 day simple moving average of $44.91 and a two-hundred day simple moving average of $43.02. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several large investors have recently bought and sold shares of FITB. OneDigital Investment Advisors LLC increased its holdings in Fifth Third Bancorp by 1.1% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after purchasing an additional 222 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its holdings in Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 232 shares in the last quarter. Eads & Heald Wealth Management increased its stake in Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 235 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Fifth Third Bancorp by 4.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 246 shares during the last quarter. Finally, Quent Capital LLC lifted its position in shares of Fifth Third Bancorp by 9.9% during the third quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 248 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

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.