Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $48.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by Wells Fargo & Company from $50.00 to $48.00 in a research report sent to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

FITB has been the topic of several other research reports. Truist Financial increased their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Citigroup reduced their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. lowered their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley lowered their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price target for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.71.

Fifth Third Bancorp Stock Down 2.4 %

Fifth Third Bancorp stock opened at $33.32 on Monday. The business has a fifty day moving average price of $38.95 and a 200-day moving average price 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 has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market capitalization of $22.26 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.42 and a beta of 0.99.

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

Fifth Third Bancorp Announces Dividend

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

Insider Activity at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $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 can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently modified their holdings of the business. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp in the fourth quarter valued at $25,000. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $28,000. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Quarry LP purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $33,000. 83.79% of the stock is 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.