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

Fifth Third Bancorp (NASDAQ:FITB) had its price target reduced by Morgan Stanley from $57.00 to $52.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Barclays lifted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted 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. Stephens restated an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company increased their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $47.36.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $37.48 on Thursday. The stock has a fifty day simple moving average of $42.91 and a 200-day simple moving average of $43.69. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $25.04 billion, a PE ratio of 11.94, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07.

Insiders Place Their Bets

In related news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % 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 company insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the company. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $25,000. Sierra Ocean LLC acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $28,000. Venturi Wealth Management LLC increased its holdings in 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 buying an additional 316 shares in the last quarter. BankPlus Trust Department acquired a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. Finally, Quarry LP acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. 83.79% of the stock is owned by institutional investors and hedge funds.

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.