Zacks Investment Research lowered shares of Fifth Third Bancorp (NASDAQ:FITB) from a buy rating to a hold rating in a research note issued to investors on Friday, October 27th.
According to Zacks, “Shares of Fifth Third have outperformed the industry over the past six months. The performance was supported by the company’s decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company’s third-quarter 2017 adjusted earnings came in line with the Zacks Consensus Estimate. Rising rates and lower provisions aided the results. However, lower non-interest income was an undermining factor. The company’s ongoing strategic efforts, such as Project North Star, will likely boost its efficiency and revenue over the long run. Also, margin pressure seems to be easing gradually, given the Fed interest rate hikes and improving economic backdrop. However, elevated expenses on the company’s branch digitization initiative and legal issues remain a concern.”
Several other analysts also recently weighed in on FITB. BidaskClub downgraded Fifth Third Bancorp from a buy rating to a hold rating in a report on Saturday, August 12th. Nomura upped their price objective on Fifth Third Bancorp from $28.00 to $29.00 and gave the company a neutral rating in a research note on Thursday, September 28th. Keefe, Bruyette & Woods reiterated a hold rating and set a $27.50 target price on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Robert W. Baird cut Fifth Third Bancorp from a neutral rating to an underperform rating and set a $24.00 target price on the stock. in a research report on Monday, October 2nd. Finally, Wells Fargo & Company assumed coverage on Fifth Third Bancorp in a research report on Wednesday, August 9th. They set a market perform rating and a $27.00 target price on the stock. Three analysts have rated the stock with a sell rating, twenty have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $28.33.
Fifth Third Bancorp (NASDAQ:FITB) traded up $0.42 during midday trading on Friday, hitting $28.61. The stock had a trading volume of 5,786,900 shares, compared to its average volume of 5,775,735. Fifth Third Bancorp has a 1-year low of $23.20 and a 1-year high of $29.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $19,890.33, a P/E ratio of 15.66, a PEG ratio of 2.33 and a beta of 1.34.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.48. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. During the same period in the previous year, the firm posted $0.65 EPS. research analysts forecast that Fifth Third Bancorp will post 1.8 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a dividend of $0.16 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.64 annualized dividend and a yield of 2.24%. Fifth Third Bancorp’s payout ratio is presently 23.97%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Timothy Spence sold 15,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total transaction of $432,900.00. Following the completion of the transaction, the executive vice president now owns 154,577 shares in the company, valued at approximately $4,461,092.22. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Horan Capital Advisors LLC. purchased a new position in Fifth Third Bancorp during the 3rd quarter worth approximately $102,000. Valeo Financial Advisors LLC purchased a new position in Fifth Third Bancorp during the 3rd quarter worth approximately $119,000. Sun Life Financial INC grew its holdings in shares of Fifth Third Bancorp by 55,050.0% during the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares in the last quarter. Sterling Investment Advisors Ltd. grew its holdings in shares of Fifth Third Bancorp by 20.8% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $167,000. Hedge funds and other institutional investors own 81.45% of the company’s stock.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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