Citigroup Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $43.00

Fifth Third Bancorp (NASDAQ:FITB) had its price target reduced by Citigroup from $52.00 to $43.00 in a research report report published on Monday, MarketBeat.com reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages also recently weighed in on FITB. Piper Sandler restated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Truist Financial boosted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Stephens reiterated 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. Morgan Stanley dropped their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, DA Davidson increased their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $46.86.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $40.17 on Monday. The company’s 50-day simple moving average is $42.36 and its 200-day simple moving average is $43.54. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The stock has a market capitalization of $26.84 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp 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 of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FITB. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp in the 4th quarter valued at about $28,000. BankPlus Trust Department acquired a new stake in Fifth Third Bancorp in the 4th quarter worth about $29,000. Quarry LP purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $33,000. Hedge funds and other 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.