DA Davidson Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $42.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by research analysts at DA Davidson from $45.00 to $42.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 27.85% from the stock’s previous close.

FITB has been the subject of several other research reports. Robert W. Baird raised Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price for the company in a research note on Monday, April 7th. Keefe, Bruyette & Woods cut their price objective on Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, Truist Financial increased their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.71.

Fifth Third Bancorp Trading Down 3.8 %

Fifth Third Bancorp stock traded down $1.30 during trading on Monday, reaching $32.85. 2,424,148 shares of the company were exchanged, compared to its average volume of 4,450,478. 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 stock’s 50 day simple moving average is $39.16 and its two-hundred day simple moving average is $42.67. The company has a market capitalization of $21.95 billion, a P/E ratio of 10.46, a PEG 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.

Fifth Third Bancorp (NASDAQ:FITB) last announced 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. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated 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 transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, 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 owned by company insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter worth $25,000. Sierra Ocean LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth about $28,000. BankPlus Trust Department purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in shares of 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.

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.