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

Fifth Third Bancorp (NASDAQ:FITB) had its price objective reduced by JPMorgan Chase & Co. from $49.00 to $42.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Stephens restated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Citigroup dropped their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Keefe, Bruyette & Woods raised their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company dropped their price target on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.19.

Fifth Third Bancorp Trading Down 4.8 %

Shares of Fifth Third Bancorp stock opened at $33.75 on Thursday. Fifth Third Bancorp has a 12-month low of $32.75 and a 12-month high of $49.07. The stock has a market capitalization of $22.55 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a 50-day simple moving average of $41.50 and a 200 day simple moving average of $43.36. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

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 4.39%. 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 Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents 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.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently made changes to their positions in the business. Boston Common Asset Management LLC raised its stake in shares of Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares during the period. Boston Partners raised its position in Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after acquiring an additional 823,803 shares during the period. AMJ Financial Wealth Management lifted its holdings in Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after purchasing an additional 9,401 shares in the last quarter. Banco Santander S.A. acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $357,000. Finally, Lockheed Martin Investment Management Co. purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $9,878,000. 83.79% of the stock is owned by institutional investors and hedge funds.

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.