Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $44.00 by Analysts at Truist Financial

Fifth Third Bancorp (NASDAQ:FITB) had its price objective cut by Truist Financial from $52.00 to $44.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other equities analysts have also recently commented on FITB. Morgan Stanley cut their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Barclays cut their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday. Citigroup decreased their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, DA Davidson decreased their target price on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $46.24.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $35.78 on Tuesday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a market cap of $23.90 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.42 and a beta of 0.99. The business’s 50 day moving average is $38.43 and its two-hundred day moving average is $42.45. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (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 business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Insiders Place Their Bets

In other news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp 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 sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vista Investment Partners II LLC grew its position in shares of Fifth Third Bancorp by 1.9% during the 1st quarter. Vista Investment Partners II LLC now owns 73,023 shares of the financial services provider’s stock worth $2,862,000 after buying an additional 1,366 shares during the period. Elevated Capital Advisors LLC raised its position in shares of Fifth Third Bancorp by 3.7% during the 1st quarter. Elevated Capital Advisors LLC now owns 19,812 shares of the financial services provider’s stock valued at $777,000 after acquiring an additional 704 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Fifth Third Bancorp by 12.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 617,867 shares of the financial services provider’s stock valued at $23,979,000 after purchasing an additional 68,578 shares during the period. Hicks Capital Management LLC bought a new position in shares of Fifth Third Bancorp in the 1st quarter worth $674,000. Finally, Bartlett & CO. Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 14.7% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 45,540 shares of the financial services provider’s stock worth $1,802,000 after purchasing an additional 5,845 shares during the period. 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.