Fifth Third Bancorp (NASDAQ:FITB) Price Target Lowered to $52.00 at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by equities research analysts at Morgan Stanley from $57.00 to $52.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 36.68% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Piper Sandler restated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Barclays lifted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $47.36.

Fifth Third Bancorp Price Performance

FITB traded down $0.49 on Thursday, hitting $38.05. 1,111,175 shares of the company’s stock were exchanged, compared to its average volume of 4,706,973. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The stock has a market cap of $25.42 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 1.42 and a beta of 1.21. The firm has a 50-day moving average price of $43.01 and a 200-day moving average price of $43.73. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction 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 directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at $25,000. Venturi Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the period. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $28,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Finally, BankPlus Trust Department purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

About Fifth Third Bancorp

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.