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

Fifth Third Bancorp (NASDAQ:FITB) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $49.00 to $42.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 6.01% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Citigroup cut their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Barclays increased their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Stephens reaffirmed an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Hold” and an average price target of $47.65.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $39.62 on Thursday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a fifty day moving average of $41.88 and a 200-day moving average of $43.47. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The company has a market capitalization of $26.47 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.42 and a beta of 1.21.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, 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 disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Institutional Trading of Fifth Third Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in Fifth Third Bancorp by 5.7% in the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock worth $72,511,000 after acquiring an additional 91,574 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Fifth Third Bancorp by 139.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 11,190 shares of the financial services provider’s stock valued at $479,000 after purchasing an additional 6,515 shares during the period. Investment Management Corp of Ontario boosted its holdings in Fifth Third Bancorp by 49.3% in the 3rd quarter. Investment Management Corp of Ontario now owns 22,720 shares of the financial services provider’s stock worth $973,000 after buying an additional 7,500 shares during the period. IHT Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 57.7% in the 3rd quarter. IHT Wealth Management LLC now owns 12,795 shares of the financial services provider’s stock worth $547,000 after buying an additional 4,683 shares during the period. Finally, Royal London Asset Management Ltd. increased its stake in Fifth Third Bancorp by 2.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 263,429 shares of the financial services provider’s stock worth $11,285,000 after buying an additional 6,725 shares in the last quarter. Hedge funds and other institutional investors 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.