Jefferies Group LLC restated their hold rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note published on Friday morning. They currently have a $28.00 price objective on the financial services provider’s stock.
Several other research firms have also recently commented on FITB. Deutsche Bank AG reaffirmed a hold rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reaffirmed an equal weight rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Hilliard Lyons raised Fifth Third Bancorp from an underperform rating to a neutral rating and set a $27.00 price target for the company in a report on Monday, March 20th. Instinet increased their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a neutral rating in a report on Friday, June 30th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, April 25th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have assigned a buy rating to the stock. Fifth Third Bancorp has a consensus rating of Hold and a consensus price target of $26.24.
Fifth Third Bancorp (FITB) traded down 1.30% during mid-day trading on Friday, reaching $25.82. The company’s stock had a trading volume of 5,344,245 shares. The firm’s 50 day moving average is $24.66 and its 200-day moving average is $25.83. Fifth Third Bancorp has a 12-month low of $18.16 and a 12-month high of $28.97. The company has a market cap of $19.37 billion, a PE ratio of 13.50 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.38 EPS for the quarter, meeting the consensus estimate of $0.38. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the firm earned $0.40 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post $1.79 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 29.17%.
Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 26,010 shares of Fifth Third Bancorp stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total transaction of $647,649.00. Following the completion of the sale, the chief accounting officer now directly owns 41,286 shares of the company’s stock, valued at approximately $1,028,021.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Frank R. Forrest sold 13,321 shares of Fifth Third Bancorp stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $24.63, for a total value of $328,096.23. Following the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,768,261.59. The disclosure for this sale can be found here. Insiders have sold a total of 109,315 shares of company stock valued at $2,716,947 over the last ninety days. 0.38% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the company. Assetmark Inc. increased its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the period. YorkBridge Wealth Partners LLC increased its stake in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the period. Sterling Investment Advisors Ltd. increased its stake in shares of Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the period. Finally, Ullmann Financial Group Inc. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth about $167,000. 80.47% of the stock is owned by institutional investors.
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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