Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $31.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by equities researchers at Royal Bank Of Canada from $28.00 to $31.00 in a note issued to investors on Wednesday, October 25th, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 12.03% from the company’s previous close.

A number of other analysts have also recently commented on FITB. BMO Capital Markets restated a “market perform” rating and set a $28.00 target price (up previously from $27.00) on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research report on Tuesday, October 24th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.33.

Fifth Third Bancorp (FITB) opened at $27.67 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.93. Fifth Third Bancorp has a 1 year low of $23.20 and a 1 year high of $29.39. The firm has a market cap of $19,523.43, a PE ratio of 15.37, a price-to-earnings-growth ratio of 2.29 and a beta of 1.34.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.48. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.55 billion. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. During the same period last year, the firm posted $0.65 earnings per share. sell-side analysts expect that Fifth Third Bancorp will post 1.8 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This story was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this story on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark legislation. The original version of this story can be read at https://www.dispatchtribunal.com/2017/11/12/royal-bank-of-canada-increases-fifth-third-bancorp-fitb-price-target-to-31-00.html.

In other news, EVP Timothy Spence sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total value of $432,900.00. Following the completion of the sale, the executive vice president now directly owns 154,577 shares in the company, valued at $4,461,092.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Janus Henderson Group PLC lifted its stake in shares of Fifth Third Bancorp by 7,461.4% in the 2nd quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock valued at $197,608,000 after purchasing an additional 7,511,357 shares during the last quarter. Janus Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 622.7% in the 1st quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after purchasing an additional 5,648,401 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 87.1% in the 1st quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock valued at $236,360,000 after purchasing an additional 4,332,945 shares during the last quarter. Balyasny Asset Management LLC lifted its stake in shares of Fifth Third Bancorp by 265.3% in the 2nd quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock valued at $99,198,000 after purchasing an additional 2,775,259 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Fifth Third Bancorp by 97.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,382,624 shares of the financial services provider’s stock valued at $87,813,000 after purchasing an additional 1,670,055 shares during the last quarter. 82.72% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply