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

Fifth Third Bancorp (NASDAQ:FITB) had its target price decreased by investment analysts at Truist Financial from $52.00 to $44.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 27.63% from the company’s current price.

Several other analysts have also weighed in on FITB. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Citigroup cut their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. 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 for the company in a research note on Monday. JPMorgan Chase & Co. lowered their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Baird R W upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $46.24.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded up $1.16 during midday trading on Tuesday, reaching $34.48. The stock had a trading volume of 1,775,661 shares, compared to its average volume of 4,458,359. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The stock has a market cap of $23.03 billion, a P/E ratio of 10.99, 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 firm has a fifty day simple moving average of $38.95 and a two-hundred day simple moving average of $42.60.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share 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 analysts’ expectations of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the business’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 transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was 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 currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FITB. Boston Common Asset Management LLC increased its stake in Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares during the period. Boston Partners increased its position in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after acquiring an additional 823,803 shares during the last quarter. AMJ Financial Wealth Management lifted its stake in shares of Fifth Third Bancorp by 4.2% in the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock worth $9,843,000 after acquiring an additional 9,401 shares in the last quarter. Banco Santander S.A. purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $357,000. Finally, Lockheed Martin Investment Management Co. acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $9,878,000. 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.