Fifth Third Bancorp (NASDAQ:FITB) PT Lowered to $43.00 at Wells Fargo & Company

Fifth Third Bancorp (NASDAQ:FITBGet Rating) had its target price reduced by Wells Fargo & Company from $52.00 to $43.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

FITB has been the topic of a number of other research reports. Wedbush boosted their price objective on Fifth Third Bancorp to $48.00 and gave the stock a na rating in a research note on Tuesday, May 17th. StockNews.com started coverage on Fifth Third Bancorp in a research report on Thursday, March 31st. They set a hold rating on the stock. Bank of America lifted their target price on Fifth Third Bancorp from $44.00 to $46.00 and gave the stock a buy rating in a research report on Wednesday, April 20th. Citigroup reaffirmed a neutral rating on shares of Fifth Third Bancorp in a research report on Thursday, March 24th. Finally, The Goldman Sachs Group dropped their target price on Fifth Third Bancorp from $55.00 to $47.50 and set a buy rating on the stock in a research report on Tuesday, May 31st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of Moderate Buy and an average price target of $47.71.

Shares of FITB opened at $33.84 on Friday. The stock’s 50-day moving average is $36.65 and its two-hundred day moving average is $42.17. The stock has a market cap of $23.14 billion, a PE ratio of 9.70, a P/E/G ratio of 1.12 and a beta of 1.33. Fifth Third Bancorp has a 12 month low of $32.55 and a 12 month high of $50.64. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.81 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.94 billion. Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. During the same quarter in the prior year, the firm earned $0.93 EPS. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Wednesday, June 29th. Fifth Third Bancorp’s dividend payout ratio is currently 34.38%.

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $36.93, for a total value of $92,325.00. Following the completion of the transaction, the executive vice president now directly owns 45,844 shares in the company, valued at $1,693,018.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Greg D. Carmichael sold 50,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, April 21st. The shares were sold at an average price of $40.05, for a total value of $2,002,500.00. Following the completion of the transaction, the chief executive officer now owns 644,745 shares of the company’s stock, valued at $25,822,037.25. The disclosure for this sale can be found here. 0.67% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Riverview Trust Co acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $31,000. Wagner Wealth Management LLC boosted its position in shares of Fifth Third Bancorp by 82.5% during the fourth quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider’s stock worth $35,000 after buying an additional 359 shares during the period. Evoke Wealth LLC boosted its position in shares of Fifth Third Bancorp by 146.7% during the fourth quarter. Evoke Wealth LLC now owns 814 shares of the financial services provider’s stock worth $36,000 after buying an additional 484 shares during the period. Finally, Joseph Group Capital Management acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $1,545,000. Institutional investors own 81.00% of the company’s stock.

About Fifth Third Bancorp (Get Rating)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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