Fifth Third Bancorp (NASDAQ:FITB) Reaches New 52-Week Low on Analyst Downgrade

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report)'s share price hit a new 52-week low during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $49.00 to $42.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fifth Third Bancorp traded as low as $33.58 and last traded at $33.54, with a volume of 661046 shares changing hands. The stock had previously closed at $35.47.

Several other equities research analysts have also issued reports on FITB. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Truist Financial increased their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company decreased their price target on Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Finally, Morgan Stanley dropped their price objective 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.12.

Remove Ads

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction that occurred 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings 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 last quarter. Valley National Advisers Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.6% during the fourth 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 period. Geneos Wealth Management Inc. grew its position in shares of Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock valued at $231,000 after buying an additional 246 shares during the last quarter. Brooklyn Investment Group increased its position 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 period. Finally, Exchange Traded Concepts LLC increased its position in shares of 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 period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

The business's 50 day moving average is $40.84 and its two-hundred day moving average is $43.16. The firm has a market cap of $23.50 billion, a P/E ratio of 11.36, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 4.21%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 47.13%.

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.