Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $42.00 by Analysts at DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by stock analysts at DA Davidson from $45.00 to $42.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective indicates a potential upside of 27.85% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Stephens restated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Citigroup lowered their price target on 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. Finally, Wells Fargo & Company cut their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.71.

Fifth Third Bancorp Trading Down 3.8 %

NASDAQ FITB traded down $1.30 during mid-day trading on Monday, reaching $32.85. 2,424,148 shares of the stock were exchanged, compared to its average volume of 4,450,478. The business’s fifty day simple moving average is $39.16 and its 200 day simple moving average is $42.67. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $21.95 billion, a PE ratio of 10.46, a PEG ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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 return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. 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 hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Norges Bank bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $371,836,000. PL Capital Advisors LLC grew its stake in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after purchasing an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $53,508,000. GAMMA Investing LLC raised its stake in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock valued at $47,172,000 after purchasing an additional 1,175,834 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after purchasing an additional 1,027,044 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.