Fifth Third Bancorp (NASDAQ:FITB) Stock Price Target Cut by Royal Bank Of Canada

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lowered by research analysts at Royal Bank Of Canada from $62.00 to $60.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 18.74% from the stock’s current price.

A number of other research analysts also recently commented on FITB. Truist Financial lowered their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Bank of America raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. JPMorgan Chase & Co. reduced their price target on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Finally, Jefferies Financial Group dropped their price objective on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.82.

Fifth Third Bancorp Price Performance

FITB opened at $50.53 on Tuesday. 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 company’s 50-day moving average price is $53.36 and its 200 day moving average price is $52.98. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50. The firm has a market cap of $45.83 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

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

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of the stock. D.A. Davidson & CO. boosted its holdings in Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 20,862 shares during the period. Bank of America Corp DE acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $995,717,000. Keybank National Association OH increased its stake in shares of Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after purchasing an additional 21,365 shares during the period. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Fifth Third Bancorp in the second quarter worth about $4,222,000. Finally, Saudi Central Bank increased its stake in shares of Fifth Third Bancorp by 91.0% in the second quarter. Saudi Central Bank now owns 63,390 shares of the financial services provider’s stock worth $3,573,000 after purchasing an additional 30,201 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Key Fifth Third Bancorp News

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: Fifth Third reported adjusted EPS of $1.13, well above the $0.83 consensus estimate, while revenue increased 42.4% year over year to $3.28 billion. Net interest income rose 49% year over year, and lower provisions helped offset higher operating costs. Fifth Third Q3 Earnings Beat Estimates on NII & Fee Income Growth
• Positive Sentiment: The Comerica acquisition is strengthening the earnings base. Average deposits rose 3% sequentially to $238.3 billion, loans increased 1% to $179.2 billion, and adjusted pre-provision net revenue advanced 8% sequentially. Retail deposits in Dallas and Houston grew more than 20% year over year. Fifth Third Bancorp: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Bank of America analyst Ebrahim Poonawala reiterated a Buy rating and assigned a $63 price target, citing differentiated growth, strong profitability and an attractive valuation. Analyst Reiterates Buy on Fifth Third
• Neutral Sentiment: Capital remained solid, with a 10.02% CET1 ratio, while net charge-offs were 0.31% of average loans. Management’s $7.6 billion Michigan community-investment pledge following the Comerica merger could support long-term franchise growth but is not an immediate earnings catalyst. Fifth Third Pledges $7.6 Billion to Michigan
• Negative Sentiment: Reported revenue of $3.28 billion was below the $3.34 billion estimate. GAAP diluted EPS was $0.90 versus $0.91 a year earlier, with the $1.13 figure reflecting adjustments, and investors remain attentive to expense growth and integration execution.

About Fifth Third Bancorp

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.