Wells Fargo & Company Has Lowered Expectations for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB - Free Report) had its price target lowered by Wells Fargo & Company from $50.00 to $48.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider's stock.

FITB has been the topic of several other research reports. Morgan Stanley decreased their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Robert W. Baird upgraded 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 report on Monday, April 7th. DA Davidson raised their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $46.24.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.36 during midday trading on Monday, reaching $35.43. 299,449 shares of the stock traded hands, compared to its average volume of 4,464,617. The company's 50 day moving average is $38.43 and its 200 day moving average is $42.45. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market capitalization of $23.67 billion, a PE ratio of 11.28, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same period last year, the company posted $0.70 EPS. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 4.18%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 directly owns 244,487 shares in the company, 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. Company insiders own 0.53% of the company's stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of FITB. WealthBridge Capital Management LLC acquired a new position in Fifth Third Bancorp during the 1st quarter valued at approximately $394,000. Vista Investment Partners II LLC increased its position in shares of Fifth Third Bancorp by 1.9% in the 1st quarter. Vista Investment Partners II LLC now owns 73,023 shares of the financial services provider's stock valued at $2,862,000 after acquiring an additional 1,366 shares during the period. Elevated Capital Advisors LLC raised its stake in Fifth Third Bancorp by 3.7% in the 1st quarter. Elevated Capital Advisors LLC now owns 19,812 shares of the financial services provider's stock worth $777,000 after acquiring an additional 704 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Fifth Third Bancorp by 12.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 617,867 shares of the financial services provider's stock worth $23,979,000 after acquiring an additional 68,578 shares during the period. Finally, Hicks Capital Management LLC purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at about $674,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

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.