Royal Bank Of Canada Issues Pessimistic Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by analysts at Royal Bank Of Canada from $62.00 to $60.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 18.74% from the company’s previous close.

Several other analysts have also issued reports on the stock. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Truist Financial cut their price objective on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. decreased their target price on Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.82.

Fifth Third Bancorp Stock Up 0.3%

FITB opened at $50.53 on Tuesday. The business has a 50 day moving average of $53.36 and a 200-day moving average of $52.98. The stock has a market capitalization of $45.83 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.09 and a beta of 0.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results 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. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Institutional Trading of Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the business. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter worth about $25,000. Security National Bank of SO Dak acquired a new stake in Fifth Third Bancorp during the second quarter valued at approximately $25,000. SouthState Bank Corp boosted its holdings in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter valued at approximately $29,000. Finally, Sachetta LLC grew its stake 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 purchasing an additional 339 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp News Summary

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.