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

Fifth Third Bancorp (NASDAQ:FITB) had its target price lowered by Citigroup from $52.00 to $43.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on FITB. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Morgan Stanley dropped their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Stephens restated an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Piper Sandler reiterated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, DA Davidson increased their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.86.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $40.25 on Monday. 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 company has a market cap of $26.89 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The firm’s 50-day simple moving average is $42.50 and its two-hundred day simple moving average is $43.57.

Fifth Third Bancorp Dividend Announcement

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

Insiders Place Their Bets

In other news, COO James C. Leonard sold 17,200 shares of the firm’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 of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $945,035.00. Following the transaction, the executive vice president now directly 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. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Fifth Third Bancorp by 47.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 212,364 shares of the financial services provider’s stock worth $8,979,000 after purchasing an additional 67,956 shares in the last quarter. Mattson Financial Services LLC boosted its stake in Fifth Third Bancorp by 8,866.7% in the 4th quarter. Mattson Financial Services LLC now owns 1,883 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 1,862 shares during the period. Park Square Financial Group LLC purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $49,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $15,150,000. Finally, REAP Financial Group LLC lifted its holdings in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after buying an additional 487 shares in the last quarter. Institutional investors 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.