Truist Financial Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $44.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by equities researchers at Truist Financial from $52.00 to $44.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 25.44% from the company’s current price.

Several other equities research analysts have also weighed in on FITB. JPMorgan Chase & Co. decreased their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Keefe, Bruyette & Woods lowered their price target on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research report on Monday. Morgan Stanley dropped 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 research note on Thursday, March 13th. Stephens reiterated an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, DA Davidson dropped their target price on Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.24.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $35.08 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $23.43 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a 50-day simple moving average of $38.60 and a 200 day simple moving average of $42.50.

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, topping analysts’ consensus estimates 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 company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. On average, research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Transactions at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were 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. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Retirement Wealth Solutions LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $28,000. Quarry LP bought a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. HWG Holdings LP purchased a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $27,000. Finally, BankPlus Trust Department bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $29,000. 83.79% of the stock is owned by 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.