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

Royal Bank of Canada reiterated their outperform rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report released on Monday morning,Benzinga reports. Royal Bank of Canada currently has a $47.00 price objective on the financial services provider’s stock.

Several other brokerages also recently weighed in on FITB. Barclays increased their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Citigroup boosted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.43 on Monday. The business’s 50 day moving average price is $43.91 and its 200-day moving average price is $43.49. Fifth Third Bancorp has a fifty-two week low of $32.29 and a fifty-two week high of $49.07. The company has a market cap of $29.12 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.44 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.41%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of FITB. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $25,000. Venturi Wealth Management LLC increased its position in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at about $28,000. BankPlus Trust Department acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $29,000. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the third quarter worth about $36,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

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.