Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “sell” rating restated by equities research analysts at UBS AG in a research note issued to investors on Friday, October 6th, www.benzinga.com reports. They presently have a $26.00 price objective on the financial services provider’s stock, up from their prior price objective of $25.00. UBS AG’s target price suggests a potential downside of 7.37% from the stock’s previous close.
FITB has been the topic of a number of other research reports. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. 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 note on Monday, October 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $28.13.
Fifth Third Bancorp (NASDAQ FITB) opened at 28.07 on Friday. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of 14.23 and a beta of 1.37. The company’s 50-day moving average price is $27.17 and its 200 day moving average price is $25.86. Fifth Third Bancorp has a 52-week low of $20.30 and a 52-week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to buy up to 67% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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In other news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Sun Life Financial INC lifted 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 purchasing an additional 5,505 shares during the last quarter. Sterling Investment Advisors Ltd. lifted 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 purchasing an additional 1,000 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in Fifth Third Bancorp by 0.3% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 17 shares during the last quarter. Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp in the 1st quarter worth $167,000. Finally, Cornerstone Advisors Inc. raised its stake in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 847 shares during the last quarter. Hedge funds and other institutional investors own 79.55% 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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