Citigroup Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $43.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by Citigroup from $52.00 to $43.00 in a report issued on Monday, MarketBeat.com reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on FITB. Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Stephens reaffirmed an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. DA Davidson increased their target price 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. Finally, Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $46.86.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $40.17 on Monday. 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 firm’s 50 day moving average price is $42.36 and its 200-day moving average price is $43.54. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The stock has a market cap of $26.84 billion, a P/E ratio of 12.79, a PEG ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.68%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Insiders Place Their Bets

In related news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company’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 completion of the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

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

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.