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

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

FITB has been the topic of several other reports. Truist Financial upped their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, January 22nd. Barclays upped their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Citigroup decreased their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. decreased their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, Royal Bank of Canada restated an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.24.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded down $0.50 on Monday, hitting $35.28. 3,219,995 shares of the company's stock were exchanged, compared to its average volume of 4,490,591. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm's 50-day moving average price is $38.25 and its two-hundred day moving average price is $42.41. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The firm has a market cap of $23.57 billion, a price-to-earnings ratio of 11.24, a P/E/G ratio of 1.42 and a beta of 0.99.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.20%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. 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

Several large investors have recently made changes to their positions in FITB. Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock valued at $912,692,000 after purchasing an additional 812,385 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock valued at $715,219,000 after buying an additional 285,910 shares in the last quarter. Boston Partners raised its holdings 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 valued at $597,692,000 after buying an additional 823,803 shares during the period. First Trust Advisors LP raised its holdings in shares of Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after buying an additional 1,027,044 shares during the period. Finally, Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $371,836,000. 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.