Fifth Third Bancorp (NASDAQ:FITB) Hits New 1-Year Low After Analyst Downgrade

Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week low during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $49.00 to $42.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fifth Third Bancorp traded as low as $33.58 and last traded at $33.54, with a volume of 661046 shares trading hands. The stock had previously closed at $35.47.

Several other analysts have also recently weighed in on the stock. DA Davidson increased their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Barclays raised their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup decreased their price target on 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. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, Stephens restated an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.19.

Insider Buying and Selling

In other news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s 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 in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % 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

Hedge funds have recently made changes to their positions in the business. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $28,000. Quarry LP purchased a new position in Fifth Third Bancorp in the 4th quarter valued at $29,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

The company has a market cap of $22.55 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 1.42 and a beta of 0.99. The company’s 50 day moving average price is $41.50 and its 200 day moving average price is $43.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

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 issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

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.