Fifth Third Bancorp (NASDAQ:FITB) PT Lowered to $35.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) had its price target dropped by stock analysts at Wells Fargo & Company from $40.00 to $35.00 in a report issued on Thursday, The Fly reports. Wells Fargo & Company’s price objective indicates a potential upside of 34.87% from the stock’s current price.

FITB has been the topic of several other reports. Keefe, Bruyette & Woods upgraded shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $38.00 to $34.00 in a research note on Wednesday, April 5th. DA Davidson decreased their price target on shares of Fifth Third Bancorp from $31.00 to $30.00 in a research note on Monday, April 24th. Piper Sandler decreased their price target on shares of Fifth Third Bancorp from $43.00 to $40.00 in a research note on Friday, March 10th. Morgan Stanley decreased their price target on shares of Fifth Third Bancorp from $37.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fifth Third Bancorp from $37.50 to $32.50 and set a “neutral” rating on the stock in a research note on Monday, April 10th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Fifth Third Bancorp Stock Down 2.6 %

Fifth Third Bancorp stock opened at $25.95 on Thursday. The firm has a market capitalization of $17.66 billion, a PE ratio of 7.50, a P/E/G ratio of 0.93 and a beta of 1.18. The company’s 50-day moving average is $25.66 and its 200-day moving average is $30.45. Fifth Third Bancorp has a fifty-two week low of $22.11 and a fifty-two week high of $38.06. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.79 and a quick ratio of 0.78.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.22 billion. Fifth Third Bancorp had a return on equity of 16.28% and a net margin of 24.39%. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.47 earnings per share for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $24.82 per share, for a total transaction of $124,100.00. Following the transaction, the director now owns 73,700 shares in the company, valued at approximately $1,829,234. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 0.9% during the third quarter. Vanguard Group Inc. now owns 85,547,660 shares of the financial services provider’s stock worth $2,734,103,000 after buying an additional 792,580 shares during the period. BlackRock Inc. increased its stake in Fifth Third Bancorp by 6.2% in the first quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock valued at $1,565,617,000 after purchasing an additional 3,448,642 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Fifth Third Bancorp by 15.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 43,179,942 shares of the financial services provider’s stock valued at $1,150,315,000 after purchasing an additional 5,702,804 shares in the last quarter. Bank of America Corp DE increased its stake in Fifth Third Bancorp by 10.5% in the fourth quarter. Bank of America Corp DE now owns 33,243,129 shares of the financial services provider’s stock valued at $1,090,707,000 after purchasing an additional 3,172,058 shares in the last quarter. Finally, State Street Corp increased its stake in Fifth Third Bancorp by 1.8% in the third quarter. State Street Corp now owns 31,576,285 shares of the financial services provider’s stock valued at $1,019,522,000 after purchasing an additional 557,311 shares in the last quarter. 80.17% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

(Get Rating)

Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.

Featured Articles

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Fifth Third Bancorp, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Fifth Third Bancorp wasn’t on the list.

While Fifth Third Bancorp currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here