Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $50.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its price objective dropped by equities research analysts at Wells Fargo & Company from $54.00 to $50.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 27.60% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Citigroup decreased their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday. Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Barclays increased their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $46.64.

Fifth Third Bancorp Trading Down 1.5 %

Shares of NASDAQ:FITB traded down $0.59 during midday trading on Friday, reaching $39.19. 145,824 shares of the company’s stock were exchanged, compared to its average volume of 4,204,932. The stock has a market cap of $26.18 billion, a price-to-earnings ratio of 12.46, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The firm’s 50 day simple moving average is $42.29 and its two-hundred day simple moving average is $43.51. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was 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 of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following 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 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 large investors have recently made changes to their positions in the business. Kingsview Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 11.5% during the 3rd quarter. Kingsview Wealth Management LLC now owns 11,459 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 1,179 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of Fifth Third Bancorp by 1.4% during the third quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 289 shares in the last quarter. FMR LLC boosted its position in shares of Fifth Third Bancorp by 5.7% in the third quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock worth $72,511,000 after buying an additional 91,574 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Fifth Third Bancorp by 19.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,173,273 shares of the financial services provider’s stock valued at $50,263,000 after buying an additional 190,228 shares during the period. Finally, Townsquare Capital LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter worth $804,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

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.