Fifth Third Bancorp FITB Stock Downgraded by Analysts at StockNews.com

Recently, Fifth Third Bancorp FITB, the major subsidiary of the diversified banking company Fifth Third Bancorp headquartered in Cincinnati, Ohio, experienced a shift in its stock rating. Analysts at StockNews.com have downgraded the company's stock from a 'hold' rating to a 'sell' rating, according to a report released on November 12th, 2023. This decision by StockNews.com marks a notable change in the bank's stock outlook.

Analyst Perspectives on FITB

FITB has been the focus of various analyst research reports. Bank of America has upgraded its target price for Fifth Third Bancorp from $30.00 to $33.00. Meanwhile, Morgan Stanley has increased their target price from $28.00 to $29.00, maintaining an 'equal weight' rating. Raymond James commenced coverage with a 'market perform' rating, and Citigroup sustained a 'neutral' rating with a set target price of $31.00. DA Davidson bumped up their price objective from $28.00 to $29.00. Among analysts, the stock continues to have a mix of sell, hold, and buy ratings. The consensus rating from MarketBeat.com stands at 'Moderate Buy' with an average target price of $32.03.

Performance and Trading of FITB

The stock of Fifth Third Bancorp opened at $25.06 on the day of the rating change. The company's stock has seen highs and lows over the past 12 months, with a low of $22.11 and a peak of $38.06. The banking firm displayed a 50-day simple moving average of $25.22 and a 200-day simple moving average of $25.93. FITB also reported a quick ratio of 0.80, a current ratio of 0.81, and a debt-to-equity ratio of 1.13. The PE ratio stood at 7.12, with a PEG ratio of 0.86 and a beta of 1.23, reflecting its market performance metrics.

In recent earnings data, FITB surpassed analysts' estimates by reporting an earnings per share (EPS) of $0.91 for the quarter, in comparison to the anticipated $0.82. With a return on equity of 16.99% and a net margin of 21.20%, the company outperformed during the quarter with revenue reaching $3.24 billion against expectations of $2.15 billion. For the current fiscal year, analysts project that Fifth Third Bancorp will achieve earnings of 3.51 per share.

Institutional and Insider Activity

Noteworthy moves were observed within the company's insiders and institutional investors. C. Bryan Daniels, a director at Fifth Third Bancorp, acquired a substantial number of shares, indicating confidence in the bank's future. Numerous hedge funds and investment advisors have adjusted their holdings in FITB, signaling ongoing interest and assessment of the bank's value and prospects.

Overall, institutional investors retain a significant portion, holding 77.96% of the stock, underscoring the strong institutional belief in the company's future direction and growth.

About Fifth Third Bancorp

Fifth Third Bancorp operates a wide array of financial services across the United States, diving into Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. Its Commercial Banking segment provides various services including credit intermediation, cash management, and financial services to a diverse set of clients ranging from businesses and government entities to professional customers.

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