Wells Fargo & Company Issues Pessimistic Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by analysts at Wells Fargo & Company from $54.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 36.54% from the stock’s current price.

Several other research firms also recently commented on FITB. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Citigroup reduced their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Morgan Stanley cut 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, Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $47.65.

Fifth Third Bancorp Trading Down 7.6 %

FITB traded down $3.00 during trading on Friday, reaching $36.62. 2,720,491 shares of the stock traded hands, compared to its average volume of 4,758,282. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. The stock has a market capitalization of $24.47 billion, a PE ratio of 11.66, a P/E/G ratio of 1.42 and a beta of 1.21. The stock’s 50-day moving average is $41.88 and its 200 day moving average is $43.47. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly 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. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Fifth Third Bancorp by 1.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 95,292 shares of the financial services provider’s stock valued at $3,735,000 after purchasing an additional 1,181 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Fifth Third Bancorp by 47.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 212,364 shares of the financial services provider’s stock valued at $8,979,000 after buying an additional 67,956 shares in the last quarter. Mattson Financial Services LLC boosted its holdings in Fifth Third Bancorp by 8,866.7% during the 4th quarter. Mattson Financial Services LLC now owns 1,883 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 1,862 shares during the period. Park Square Financial Group LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter worth about $49,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $15,150,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

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.