Morgan Stanley Cuts Fifth Third Bancorp (NASDAQ:FITB) Price Target to $60.00
by Mitch Edgeman · The Markets DailyFifth Third Bancorp (NASDAQ:FITB – Free Report) had its price target trimmed by Morgan Stanley from $67.00 to $60.00 in a research note issued to investors on Tuesday morning,MarketScreener reports. They currently have an overweight rating on the financial services provider’s stock.
A number of other equities analysts have also recently issued reports on the company. Royal Bank Of Canada raised their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Stephens increased their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Finally, Truist Financial lowered their target price on shares of Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.14.
View Our Latest Analysis on FITB
Fifth Third Bancorp Stock Up 0.6%
NASDAQ:FITB opened at $47.11 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.44. The stock’s fifty day simple moving average is $49.23 and its 200-day simple moving average is $46.54. The firm has a market capitalization of $42.66 billion, a P/E ratio of 13.31, a P/E/G ratio of 0.92 and a beta of 0.95.
Fifth Third Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is 45.20%.
Institutional Trading of Fifth Third Bancorp
A number of large investors have recently bought and sold shares of FITB. Empowered Funds LLC boosted its holdings in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares during the period. Woodline Partners LP boosted its stake in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in Fifth Third Bancorp by 33.0% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,472 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 2,352 shares in the last quarter. XTX Topco Ltd bought a new position in Fifth Third Bancorp during the 2nd quarter worth about $887,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $48,000. 83.79% of the stock is owned by institutional investors.
About Fifth Third Bancorp
Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.
On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.