Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $51.00 at Barclays

Fifth Third Bancorp (NASDAQ:FITB) had its price objective cut by Barclays from $56.00 to $51.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

FITB has been the subject of a number of other reports. Citigroup decreased their price target 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. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Baird R W upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.71.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $33.32 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $22.26 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock’s 50-day moving average is $38.95 and its 200-day moving average is $42.60.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced 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 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 dividend payout ratio (DPR) is currently 46.98%.

Insider Activity at Fifth Third Bancorp

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

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at $25,000. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $28,000. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $29,000. Quarry LP acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Finally, Midwest Capital Advisors LLC bought a new position in Fifth Third Bancorp during the 4th quarter worth approximately $33,000. 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.