Fifth Third Bancorp (NASDAQ:FITB) Stock Gets Price Target Reduction from Royal Bank Of Canada

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by Royal Bank Of Canada from $62.00 to $60.00 in a report issued on Tuesday morning, MarketBeat Ratings reports. Royal Bank Of Canada currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on the company. Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday, July 6th. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Citigroup upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $62.00 in a report on Tuesday, September 22nd. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Stephens reduced their target price on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.77.

Fifth Third Bancorp Stock Up 0.7%

FITB stock opened at $53.18 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $48.22 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.09 and a beta of 0.97. The business has a 50-day moving average of $53.06 and a 200-day moving average of $53.10. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.30. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. During the same period last year, the company earned $0.91 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 42.4% on a year-over-year basis. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is currently 57.53%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $25,000. Security National Bank of SO Dak bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $29,000. Finally, Sachetta LLC boosted its holdings in shares of Fifth Third Bancorp by 85.6% in the 1st quarter. Sachetta LLC now owns 735 shares of the financial services provider’s stock valued at $34,000 after buying an additional 339 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.