Fifth Third Bancorp (NASDAQ:FITB) PT Lowered to $24.00 at Royal Bank of Canada

Fifth Third Bancorp (NASDAQ:FITB) had its target price cut by Royal Bank of Canada from $28.00 to $24.00 in a research report sent to investors on Wednesday morning, The Fly reports.

A number of other analysts have also commented on the company. Morgan Stanley boosted their price target on Fifth Third Bancorp from $22.00 to $24.00 and gave the company an equal weight rating in a report on Monday, June 8th. Nomura Securities cut their price target on Fifth Third Bancorp from $29.00 to $15.00 and set a neutral rating on the stock in a report on Tuesday, April 7th. Barclays restated a buy rating and issued a $24.00 price target on shares of Fifth Third Bancorp in a report on Thursday, April 9th. TheStreet lowered Fifth Third Bancorp from a b rating to a c+ rating in a report on Tuesday, March 10th. Finally, Citigroup cut their price target on Fifth Third Bancorp from $33.00 to $20.00 and set a neutral rating on the stock in a report on Monday, March 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. Fifth Third Bancorp presently has an average rating of Hold and an average price target of $24.37.

NASDAQ:FITB opened at $18.57 on Wednesday. Fifth Third Bancorp has a 1 year low of $11.10 and a 1 year high of $31.64. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.81. The stock has a market cap of $13.22 billion, a price-to-earnings ratio of 8.14, a PEG ratio of 1.79 and a beta of 1.72. The stock has a 50-day moving average price of $19.92 and a two-hundred day moving average price of $22.68.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.89 billion. Fifth Third Bancorp had a net margin of 18.85% and a return on equity of 9.05%. During the same period in the previous year, the firm posted $0.63 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 1.25 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date is Monday, June 29th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 38.99%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ellevest Inc. increased its position in Fifth Third Bancorp by 188.1% during the first quarter. Ellevest Inc. now owns 1,691 shares of the financial services provider’s stock worth $25,000 after buying an additional 1,104 shares during the last quarter. Asio Capital LLC acquired a new position in Fifth Third Bancorp during the first quarter worth approximately $25,000. Harbor Investment Advisory LLC acquired a new position in Fifth Third Bancorp during the first quarter worth approximately $25,000. Sailer Financial LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $28,000. Finally, Americana Partners LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $32,000. 78.34% of the stock is currently owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

Recommended Story: How a Back-End Load Mutual Fund Works

The Fly

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.