Wells Fargo & Company Issues Pessimistic Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target cut by stock analysts at Wells Fargo & Company from $54.00 to $50.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 28.83% from the stock’s previous close.

Several other equities analysts also recently issued reports on FITB. Morgan Stanley decreased their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Citigroup decreased their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. DA Davidson boosted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. One equities research 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 stock currently has an average rating of “Hold” and a consensus price target of $46.64.

Fifth Third Bancorp Stock Down 2.4 %

Shares of FITB opened at $38.81 on Friday. The firm has a market cap of $25.93 billion, a P/E ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. The stock’s 50 day moving average is $42.18 and its two-hundred day moving average is $43.51. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Insider Buying and Selling at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 of the company’s stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade 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 Inflows and Outflows

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

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.