Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $60.00 by Analysts at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by Morgan Stanley from $67.00 to $60.00 in a research report report published on Tuesday morning,MarketScreener reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts have also commented on FITB. TD Cowen reissued a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Jefferies Financial Group lifted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Janney Montgomery Scott boosted their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Finally, Citigroup upped their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.24.

Fifth Third Bancorp Stock Performance

FITB opened at $46.46 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $42.07 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 0.88 and a beta of 0.96. The stock has a 50-day moving average of $49.43 and a 200-day moving average of $46.54. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Westside Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares in the last quarter. Harbor Investment Advisory LLC raised its stake in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $29,000. Leonteq Securities AG bought a new position in Fifth Third Bancorp in the fourth quarter worth $30,000. Finally, Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp in the second quarter worth $26,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.