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

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “outperform” rating reiterated by research 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 objective suggests a potential upside of 7.64% from the stock’s current price.

Other analysts have also recently issued reports about the company. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday. Citigroup boosted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. 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 report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.14.

Fifth Third Bancorp Price Performance

FITB traded down $1.20 on Wednesday, reaching $43.66. The company 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 price-to-earnings ratio of 14.50, a P/E/G ratio of 1.93 and a beta of 1.24. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The business has a 50 day simple moving average of $44.91 and a 200 day simple moving average of $43.02.

Insider Buying and Selling

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of the company. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp during the third quarter valued at $36,000. Hexagon Capital Partners LLC increased its holdings in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Fifth Third Bancorp in the third quarter worth about $39,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.