Barclays Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $51.00

by · The Markets Daily

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) had its target price reduced by investment analysts at Barclays from $56.00 to $51.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target would indicate a potential upside of 53.59% from the stock’s current price.

FITB has been the topic of a number of other reports. DA Davidson boosted their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lowered 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 note on Monday. Citigroup cut their target price 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. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Finally, JPMorgan Chase & Co. cut 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 report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $47.18.

View Our Latest Report on FITB

Fifth Third Bancorp Stock Performance

Shares of FITB stock traded down $0.95 during mid-day trading on Monday, hitting $33.21. 741,689 shares of the stock were exchanged, compared to its average volume of 4,443,254. The stock has a market capitalization of $22.18 billion, a price-to-earnings ratio of 10.58, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The stock’s fifty day simple moving average is $39.16 and its two-hundred day simple moving average is $42.67.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 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 business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the previous year, the company posted $0.70 EPS. On average, analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Buying and Selling 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 value 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 the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s 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 transaction, the executive vice president now 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.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Grove Bank & Trust increased its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 335 shares during the period. QRG Capital Management Inc. grew its holdings in shares of Fifth Third Bancorp by 2.6% during the 1st quarter. QRG Capital Management Inc. now owns 81,434 shares of the financial services provider’s stock worth $3,192,000 after purchasing an additional 2,050 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of Fifth Third Bancorp in the first quarter valued at $366,000. Janney Montgomery Scott LLC boosted its stake in Fifth Third Bancorp by 11.1% during the first quarter. Janney Montgomery Scott LLC now owns 249,117 shares of the financial services provider’s stock worth $9,765,000 after buying an additional 24,979 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Fifth Third Bancorp by 271.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,921 shares of the financial services provider’s stock valued at $271,000 after buying an additional 5,060 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

(Get Free Report)

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.

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