Truist Financial Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $44.00

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target reduced by analysts at Truist Financial from $52.00 to $44.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 27.63% from the company's current price.

Several other equities research analysts have also recently issued reports on FITB. Keefe, Bruyette & Woods dropped their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday. Stephens reaffirmed an "equal weight" rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Piper Sandler reissued an "overweight" rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Morgan Stanley reduced 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $46.24.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded up $1.16 during trading on Tuesday, hitting $34.48. 1,775,661 shares of the stock traded hands, compared to its average volume of 4,458,359. The company has a fifty day moving average price of $38.95 and a two-hundred day moving average price of $42.60. The company has a market cap of $23.03 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. 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 (NASDAQ:FITB - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. As a group, equities analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Insider Buying and Selling at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp 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 completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Boston Common Asset Management LLC boosted its position in shares of Fifth Third Bancorp by 12.4% during 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 acquiring an additional 34,203 shares in the last quarter. Boston Partners lifted its position in shares of Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after buying an additional 823,803 shares during the last quarter. AMJ Financial Wealth Management raised its stake in Fifth Third Bancorp by 4.2% during the 4th quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after acquiring an additional 9,401 shares in the last quarter. Banco Santander S.A. purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at $357,000. Finally, Lockheed Martin Investment Management Co. purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $9,878,000. Institutional investors and hedge funds own 83.79% of the company's stock.

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.

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