Barclays Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $51.00

Fifth Third Bancorp (NASDAQ:FITB - Free Report) had its price target reduced by Barclays from $56.00 to $51.00 in a report released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider's stock.

A number of other equities analysts have also weighed in on FITB. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Wells Fargo & Company decreased their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Monday. Stephens reissued an "equal weight" rating and set a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Truist Financial upped their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Finally, Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.24.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.50 during mid-day trading on Monday, hitting $35.28. The stock had a trading volume of 3,219,995 shares, compared to its average volume of 4,482,527. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The stock has a market cap of $23.57 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.42 and a beta of 0.99. The company's 50 day simple moving average is $38.25 and its 200 day simple moving average is $42.41. 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 (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the firm earned $0.70 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.20%. Fifth Third Bancorp's payout ratio is 46.98%.

Insider Buying and Selling

In other news, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated 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. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 in the company, valued at $5,698,778.80. This trade represents 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 owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Boston Common Asset Management LLC increased its holdings in Fifth Third Bancorp by 12.4% in 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 purchasing an additional 34,203 shares in the last quarter. Boston Partners grew its holdings in shares of 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 purchasing an additional 823,803 shares during the last quarter. AMJ Financial Wealth Management grew its holdings in shares of 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 worth $9,843,000 after purchasing an additional 9,401 shares during the last quarter. Banco Santander S.A. bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $357,000. Finally, Lockheed Martin Investment Management Co. acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $9,878,000. 83.79% of the stock is currently owned by institutional investors.

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.