Royal Bank Of Canada Increases Fifth Third Bancorp (FITB) Price Target to $31.00 – Dispatch Tribunal


Fifth Third Bancorp (NASDAQ:FITB) had its target price raised by research analysts at Royal Bank Of Canada from $28.00 to $31.00 in a research note issued to investors on Wednesday. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 6.64% from the stock’s current price.

A number of other brokerages have also recently weighed in on FITB. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research report on Tuesday. Piper Jaffray Companies reaffirmed a “hold” rating and set a $27.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Wednesday, October 11th. UBS AG reaffirmed a “sell” rating and set a $26.00 price target (up from $25.00) on shares of Fifth Third Bancorp in a research report on Friday, October 6th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $31.00 price target (up from $28.00) on shares of Fifth Third Bancorp in a research report on Monday, October 9th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $28.33.

Fifth Third Bancorp (FITB) traded up 0.76% on Wednesday, reaching $29.07. The company’s stock had a trading volume of 4,293,277 shares. The stock has a market capitalization of $21.42 billion, a P/E ratio of 14.73 and a beta of 1.37. The firm has a 50 day moving average price of $27.47 and a 200 day moving average price of $25.98. Fifth Third Bancorp has a 52 week low of $21.19 and a 52 week high of $29.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the prior year, the company earned $0.65 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post $2.68 EPS for the current year.

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In other news, EVP Frank R. Forrest sold 7,004 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Duncker Streett & Co. Inc. grew its position in shares of Fifth Third Bancorp by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares during the last quarter. Bragg Financial Advisors Inc grew its position in shares of Fifth Third Bancorp by 0.4% during the 1st quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock valued at $317,000 after buying an additional 55 shares during the last quarter. Catawba Capital Management VA grew its position in shares of Fifth Third Bancorp by 0.6% during the 2nd quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock valued at $277,000 after buying an additional 65 shares during the last quarter. Bollard Group LLC grew its position in shares of Fifth Third Bancorp by 0.6% during the 2nd quarter. Bollard Group LLC now owns 17,906 shares of the financial services provider’s stock valued at $465,000 after buying an additional 102 shares during the last quarter. Finally, Commerce Bank grew its position in shares of Fifth Third Bancorp by 1.0% during the 2nd quarter. Commerce Bank now owns 16,552 shares of the financial services provider’s stock valued at $430,000 after buying an additional 166 shares during the last quarter. 79.55% of the stock is owned by institutional investors and hedge funds.

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)




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