Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $42.00 by Analysts at DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) had its price target lowered by DA Davidson from $45.00 to $42.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other research analysts also recently weighed in on FITB. Piper Sandler restated an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective for the company in a research report on Monday, April 7th. Wells Fargo & Company dropped their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.71.

Fifth Third Bancorp Stock Performance

FITB opened at $33.32 on Monday. The firm has a market cap of $22.26 billion, a P/E ratio of 10.61, a PEG ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a 50 day simple moving average of $38.95 and a two-hundred day simple moving average of $42.60. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period last year, the firm earned $0.70 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.44%. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Insiders Place Their Bets

In related news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. OLD Second National Bank of Aurora increased its stake in Fifth Third Bancorp by 4.4% during the 1st quarter. OLD Second National Bank of Aurora now owns 19,874 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 830 shares in the last quarter. Advisory Resource Group raised its stake in shares of Fifth Third Bancorp by 4.9% in the first quarter. Advisory Resource Group now owns 122,661 shares of the financial services provider’s stock worth $4,808,000 after purchasing an additional 5,675 shares during the last quarter. United Advisor Group LLC increased its holdings in Fifth Third Bancorp by 25.6% in the 1st quarter. United Advisor Group LLC now owns 9,430 shares of the financial services provider’s stock worth $370,000 after buying an additional 1,923 shares during the period. Sterling Investment Counsel LLC lifted its stake in Fifth Third Bancorp by 7.7% during the 1st quarter. Sterling Investment Counsel LLC now owns 10,604 shares of the financial services provider’s stock valued at $416,000 after acquiring an additional 757 shares during the period. Finally, Centennial Wealth Advisory LLC increased its stake in shares of Fifth Third Bancorp by 18.3% in the first quarter. Centennial Wealth Advisory LLC now owns 12,162 shares of the financial services provider’s stock worth $477,000 after acquiring an additional 1,881 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

About Fifth Third Bancorp

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.