JPMorgan Chase & Co. Lowers Fifth Third Bancorp (NASDAQ:FITB) Price Target to $42.00

Fifth Third Bancorp (NASDAQ:FITB) had its price objective lowered by analysts at JPMorgan Chase & Co. from $49.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 24.44% from the company’s previous close.

A number of other research firms have also commented on FITB. Keefe, Bruyette & Woods lifted their target price 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. Truist Financial lifted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.19.

Fifth Third Bancorp Trading Down 4.8 %

NASDAQ:FITB opened at $33.75 on Thursday. The stock 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 has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company’s 50 day moving average price is $41.50 and its 200-day moving average price is $43.35. Fifth Third Bancorp has a 52 week low of $32.75 and a 52 week high of $49.07.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % 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

Several institutional investors and hedge funds have recently modified their holdings of FITB. Retirement Wealth Solutions LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $25,000. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $28,000. BankPlus Trust Department purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $29,000. Quarry LP bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Finally, Midwest Capital Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $33,000. Institutional investors 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.