Citigroup Issues Pessimistic Forecast for Fifth Third Bancorp (NASDAQ:FITB) Stock Price

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by analysts at Citigroup from $52.00 to $43.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price indicates a potential upside of 7.05% from the stock’s previous close.

Several other research analysts have also recently issued reports on FITB. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial boosted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Stephens restated an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.86.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $40.17 on Monday. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The company has a 50-day moving average price of $42.44 and a 200 day moving average price of $43.56. The company has a market cap of $26.84 billion, a P/E ratio of 12.79, a PEG ratio of 1.42 and a beta of 1.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Insiders Place Their Bets

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated 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 owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred 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 owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $25,000. Sierra Ocean LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $28,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $29,000. Quarry LP bought a new position in Fifth Third Bancorp during the 4th quarter valued at $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth $33,000. 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.