Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $42.00 by Analysts at JPMorgan Chase & Co.

Fifth Third Bancorp (NASDAQ:FITB) had its target price decreased by JPMorgan Chase & Co. from $49.00 to $42.00 in a research note published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Citigroup decreased their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, March 24th. DA Davidson increased their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their target price 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.19.

Fifth Third Bancorp Stock Down 4.8 %

Fifth Third Bancorp stock opened at $33.75 on Thursday. The company has a market capitalization of $22.55 billion, a PE ratio of 10.75, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a fifty-two week low of $32.75 and a fifty-two week high of $49.07. The firm has a 50 day moving average price of $41.50 and a 200 day moving average price of $43.36.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 4.39%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Activity

In other Fifth Third Bancorp 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 of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction 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 $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of FITB. Charles Schwab Investment Management Inc. boosted its position in Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after purchasing an additional 812,385 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock worth $715,219,000 after purchasing an additional 285,910 shares during the period. Boston Partners boosted its holdings in shares of Fifth Third Bancorp by 6.2% in 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. First Trust Advisors LP grew its position 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 valued at $402,991,000 after buying an additional 1,027,044 shares during the period. Finally, Norges Bank purchased a new stake in Fifth Third Bancorp during the fourth quarter worth about $371,836,000. 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.