Fifth Third Bancorp FITB Stock Receives Downgrade from StockNews.com

Investment analysts at StockNews.com have adjusted their rating on shares of Fifth Third Bancorp FITB, lowering the bank's stock rating from a 'hold' to a 'sell'. This downgrade was announced in a recent report, potentially impacting the financial institution's stock market performance.

Diverse Analysis on FITB

Fifth Third Bancorp has been the subject of a variety of research reports from different analysts and financial firms. For example, Bank of America previously increased their target price on FITB from $30.00 to $33.00. Morgan Stanley also raised their target price from $28.00 to $29.00, maintaining an 'equal weight' rating. Raymond James began covering FITB, assigning a 'market perform' rating, while Citigroup maintained a 'neutral' rating with a target price set at $31.00. DA Davidson, on their part, upped their price objective from $28.00 to $29.00. These varied insights contribute to FITB's consensus rating of 'Moderate Buy' with an aggregate target price of $32.03, as per the data gathered from MarketBeat.com.

FITB's Market Performance

On the day of the downgrade's announcement, FITB opened at $25.06. The Cincinnati-based bank's 12-month price spectrum has seen lows of $22.11 and highs at $38.06. Currently, it follows a 50-day simple moving average of $25.22 and a 200-day simple moving average of $25.93. Fifth Third Bancorp's market capitalization stands at $17.07 billion, with a PE ratio of 7.12, a 0.86 PEG ratio, and a beta of 1.23, indicating the stock's volatility relative to the overall market.

The bank recently posted its quarterly earnings, reporting an EPS of $0.91 and exceeding consensus estimates by $0.09. Over the period, the company saw a net margin of 21.20% and a return on equity of 16.99%. Revenue for the quarter was reported at $3.24 billion, surpassing a predicted $2.15 billion, and earnings per share for the previous year at $0.93. Analysts are expecting Fifth Third Bancorp to yield an EPS of 3.51 for the current fiscal year.

Insider Movements and Institutional Holdings

Recent filings reveal insider transactions, such as the purchase of 64,500 shares by Director C. Bryan Daniels at an average price of $23.31, totaling $1,503,495. After this acquisition, Daniels now holds 325,278 shares, valued around $7,582,230.18. Insiders currently own approximately 0.66% of FITB's stock.

On the institutional front, several hedge funds and investment advisors have updated their holdings of FITB. Penserra Capital Management LLC, Mercer Global Advisors Inc. ADV, Meiji Yasuda Asset Management Co Ltd., Toroso Investments LLC, and Covestor Ltd are among the entities that made significant adjustments to their investments in Fifth Third Bancorp during recent quarters. Collectively, institutional investors own roughly 77.96% of FITB's stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a comprehensive financial services enterprise within the United States. It functions through several business segments including Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. Commercial Banking segment offers a range of services from credit intermediation to asset-based lending, while Consumer and Small Business Banking provides retail banking services. Moreover, Wealth and Asset Management caters to wealth-building and investment needs of clients. Fifth Third Bank, the principal subsidiary of Fifth Third Bancorp, stands as a recognized entity in the banking sector headquartered at Fifth Third Center in Cincinnati, Ohio.

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