Royal Bank Of Canada Issues Positive Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Key Points

• Royal Bank of Canada raised its price target on Fifth Third Bancorp from $57 to $62 and kept an outperform rating, implying about 7% upside from the prior close.
• Analyst sentiment remains broadly positive overall, with 16 Buy ratings and 5 Hold ratings; MarketBeat shows a Moderate Buy consensus and an average price target of $59.61.
• Fifth Third shares were trading near $57.92 after reporting quarterly EPS of $0.83, slightly below estimates, while revenue of $3.26 billion topped expectations.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price objective raised by Royal Bank Of Canada from $57.00 to $62.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price target points to a potential upside of 7.04% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Wolfe Research dropped their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Morgan Stanley increased their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, April 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.61.

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ:FITB 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 company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm's 50-day simple moving average is $53.01 and its 200-day simple moving average is $50.63. The company has a market cap of $52.49 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. During the same period in the prior year, the company earned $0.88 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company's stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of FITB. Trust Asset Management LLC increased its position in Fifth Third Bancorp by 29.2% during 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 in the last quarter. Whitener Capital Management Inc. purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at $214,000. Tema ETFs LLC lifted its position in shares of 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 acquiring an additional 1,305 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Fifth Third Bancorp by 8.3% during the second 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 boosted its stake in shares of 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 valued at $13,111,000 after acquiring an additional 12,912 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

About Fifth Third Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.