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

Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a research note issued on Monday,Benzinga reports. They currently have a $47.00 price objective on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 8.22% from the company’s previous close.

FITB has been the topic of several other reports. DA Davidson boosted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Barclays upped their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded down $0.61 during trading hours on Monday, reaching $43.43. 468,137 shares of the company were exchanged, compared to its average volume of 4,620,246. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $29.12 billion, a P/E ratio of 13.82, a P/E/G ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The business’s 50 day simple moving average is $44.06 and its 200-day simple moving average is $43.46.

Institutional Trading of Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the stock. PL Capital Advisors LLC boosted its holdings in Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after acquiring an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $53,508,000. Raymond James Financial Inc. purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $38,971,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after acquiring an additional 812,385 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $28,490,000. 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.