Fifth Third Bancorp (NASDAQ:FITB) Given New $52.00 Price Target at Morgan Stanley

Fifth Third Bancorp (NASDAQ:FITB) had its target price lowered by equities researchers at Morgan Stanley from $57.00 to $52.00 in a research report issued to clients and 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 indicates a potential upside of 36.68% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler restated an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. DA Davidson increased their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Barclays boosted their price objective on shares of 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 upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. One equities research 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.36.

Fifth Third Bancorp Stock Performance

FITB traded down $0.49 during trading on Thursday, hitting $38.05. The stock had a trading volume of 1,111,175 shares, compared to its average volume of 4,706,973. The firm has a market capitalization of $25.42 billion, a P/E ratio of 12.13, a PEG ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07. The company’s 50-day moving average price is $43.01 and its 200 day moving average price is $43.73.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after buying an additional 812,385 shares during the last quarter. Geode Capital Management LLC lifted its position in Fifth Third Bancorp by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after purchasing an additional 285,910 shares during the last quarter. Boston Partners boosted its stake in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. First Trust Advisors LP grew its position in Fifth Third Bancorp by 12.1% in the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after purchasing an additional 1,027,044 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $371,836,000. 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.