Fifth Third Bancorp (NASDAQ:FITB) Hits New 52-Week Low Following Analyst Downgrade

Fifth Third Bancorp (NASDAQ:FITB) hit a new 52-week low during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $49.00 to $42.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fifth Third Bancorp traded as low as $33.58 and last traded at $33.54, with a volume of 661046 shares changing hands. The stock had previously closed at $35.47.

FITB has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Wells Fargo & Company reduced their price objective on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Stephens reaffirmed an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Finally, DA Davidson increased their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.19.

Insider Buying and Selling

In related news, 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 owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction that occurred on 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 directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. grew its stake in shares of Fifth Third Bancorp by 139.4% in the third quarter. Benjamin Edwards Inc. now owns 11,190 shares of the financial services provider’s stock worth $479,000 after acquiring an additional 6,515 shares during the last quarter. IHT Wealth Management LLC grew its position in Fifth Third Bancorp by 57.7% in the 3rd quarter. IHT Wealth Management LLC now owns 12,795 shares of the financial services provider’s stock worth $547,000 after purchasing an additional 4,683 shares during the last quarter. Royal London Asset Management Ltd. grew its position in Fifth Third Bancorp by 2.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 263,429 shares of the financial services provider’s stock worth $11,285,000 after purchasing an additional 6,725 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Fifth Third Bancorp by 17.1% during the 3rd quarter. Quantinno Capital Management LP now owns 75,257 shares of the financial services provider’s stock worth $3,224,000 after purchasing an additional 10,991 shares during the period. Finally, Weiss Asset Management LP acquired a new position in shares of Fifth Third Bancorp during the third quarter valued at about $1,337,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 4.8 %

The firm has a market cap of $22.55 billion, a P/E ratio of 10.75, a PEG ratio of 1.42 and a beta of 0.99. The company’s 50 day moving average is $41.50 and its two-hundred day moving average is $43.36. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.