Wells Fargo & Company Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $48.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price decreased by analysts at Wells Fargo & Company from $50.00 to $48.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 44.53% from the company’s current price.

Several other research firms have also commented on FITB. DA Davidson raised their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. JPMorgan Chase & Co. decreased their price target 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 dropped their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday. Barclays upped their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $47.47.

Fifth Third Bancorp Trading Down 2.8 %

Shares of NASDAQ FITB traded down $0.94 during trading on Monday, hitting $33.21. 442,975 shares of the company traded hands, compared to its average volume of 4,442,221. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm has a market capitalization of $22.19 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average price of $39.16 and a 200-day moving average price of $42.67.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the prior year, the company earned $0.70 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp during the 4th quarter valued at $25,000. Sierra Ocean LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at about $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp during the fourth quarter worth about $29,000. Quarry LP acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $29,000. Finally, Midwest Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $33,000. 83.79% of the stock is 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.