Fifth Third Bancorp (NASDAQ:FITB) Given New $50.00 Price Target at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITB) had its price objective cut by stock analysts at Wells Fargo & Company from $54.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 27.60% from the company’s previous close.

FITB has been the topic of several other reports. Stephens reaffirmed an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Truist Financial lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Morgan Stanley decreased their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Citigroup decreased 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. Finally, DA Davidson lifted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and an average price target of $46.64.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded down $0.59 during midday trading on Friday, hitting $39.19. The company’s stock had a trading volume of 145,824 shares, compared to its average volume of 4,204,932. The firm has a market cap of $26.18 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. The firm’s fifty day moving average price is $42.29 and its 200-day moving average price is $43.51. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $761,272.00. Following 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 disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors have recently bought and sold shares of the business. Eads & Heald Wealth Management grew its position in Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 235 shares during the period. Valley National Advisers Inc. grew its holdings in shares of Fifth Third Bancorp by 3.6% in the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 236 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 246 shares in the last quarter. Brooklyn Investment Group lifted its holdings in Fifth Third Bancorp by 9.1% during the 4th quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 257 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Fifth Third Bancorp by 16.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock worth $79,000 after buying an additional 261 shares during the last quarter. Institutional investors and hedge funds 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.