Wells Fargo & Company started coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research report report published on Wednesday morning, Marketbeat reports. The brokerage issued a market perform rating and a $27.00 price objective on the financial services provider’s stock.
Several other brokerages have also recently weighed in on FITB. BidaskClub raised shares of Fifth Third Bancorp from a hold rating to a buy rating in a research report on Saturday, August 5th. Deutsche Bank AG reissued a hold rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Morgan Stanley restated an equal weight rating and issued a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. BMO Capital Markets restated a market perform rating and issued a $28.00 price objective (up from $27.00) on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Finally, Zacks Investment Research lowered shares of Fifth Third Bancorp from a buy rating to a hold rating in a report on Monday, July 31st. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of Hold and an average price target of $26.54.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 1.02% during midday trading on Wednesday, hitting $26.11. 4,345,297 shares of the stock traded hands. Fifth Third Bancorp has a 12-month low of $18.95 and a 12-month high of $28.97. The stock has a market cap of $19.24 billion, a price-to-earnings ratio of 13.23 and a beta of 1.37. The company’s 50 day moving average price is $26.26 and its 200-day moving average price is $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 net margin of 21.83% and a return on equity of 10.44%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current year.
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Fifth Third Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.14%. Fifth Third Bancorp’s payout ratio is 28.43%.
Hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. raised its stake in 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 last quarter. Quadrant Capital Group LLC raised its stake in 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 last quarter. YorkBridge Wealth Partners LLC raised its stake in 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 last quarter. Sterling Investment Advisors Ltd. raised its stake in 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 last quarter. Finally, Ullmann Financial Group Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth $167,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.
About Fifth Third Bancorp
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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