Royal Bank of Canada Reaffirms “Outperform” Rating for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $47.00 price objective on the financial services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 7.18% from the stock’s current price.

Several other brokerages have also commented on FITB. Truist Financial increased their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays increased their price target 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. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Stock Down 0.2 %

FITB stock opened at $43.85 on Wednesday. The firm has a market capitalization of $29.40 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 1.95 and a beta of 1.24. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50 day moving average price is $44.85 and its 200 day moving average price is $43.02.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s 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 sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. increased its position in shares of Fifth Third Bancorp by 4.6% in the second quarter. Pacer Advisors Inc. now owns 48,878 shares of the financial services provider’s stock valued at $1,784,000 after buying an additional 2,157 shares in the last quarter. Sei Investments Co. increased its position in shares of Fifth Third Bancorp by 1.2% in the second quarter. Sei Investments Co. now owns 693,800 shares of the financial services provider’s stock valued at $25,317,000 after buying an additional 8,410 shares in the last quarter. Ensign Peak Advisors Inc increased its position in shares of Fifth Third Bancorp by 1.2% in the second quarter. Ensign Peak Advisors Inc now owns 227,748 shares of the financial services provider’s stock valued at $8,311,000 after buying an additional 2,775 shares in the last quarter. Frank Rimerman Advisors LLC increased its position in shares of Fifth Third Bancorp by 7,299.2% in the second quarter. Frank Rimerman Advisors LLC now owns 8,879 shares of the financial services provider’s stock valued at $324,000 after buying an additional 8,759 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Fifth Third Bancorp by 8.3% in the second quarter. Public Sector Pension Investment Board now owns 115,997 shares of the financial services provider’s stock valued at $4,233,000 after buying an additional 8,870 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.