Fifth Third Bancorp (NASDAQ:FITB) Given New $44.00 Price Target at Truist Financial

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) had its price target cut by equities researchers at Truist Financial from $52.00 to $44.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's target price suggests a potential upside of 24.72% from the stock's previous close.

Several other analysts have also recently weighed in on the company. Royal Bank of Canada reissued an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Stephens reissued an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Citigroup lowered their price target on shares of 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. Finally, Wells Fargo & Company cut their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company 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 on Tuesday, hitting $35.28. The company's stock had a trading volume of 3,219,995 shares, compared to its average volume of 4,490,591. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The firm has a market capitalization of $23.57 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The stock has a fifty day moving average of $38.25 and a two-hundred day moving average of $42.41. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

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. 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 analysts' expectations of $2.17 billion. During the same quarter in the prior year, the business earned $0.70 EPS. Research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated 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 $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. 0.53% of the stock is owned by insiders.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently added to or reduced their stakes in FITB. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $371,836,000. PL Capital Advisors LLC grew its holdings in Fifth Third Bancorp by 4,128.0% during the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock worth $78,654,000 after acquiring an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $53,508,000. GAMMA Investing LLC grew its stake in Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after purchasing an additional 1,175,834 shares during the period. Finally, First Trust Advisors LP grew its stake in Fifth Third Bancorp by 12.1% during the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after purchasing an additional 1,027,044 shares during the period. 83.79% of the stock is currently owned by 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.