Fifth Third Bancorp (FITB) Raised to Buy at Rafferty Capital Markets
Rafferty Capital Markets upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a hold rating to a buy rating in a report published on Friday morning. Rafferty Capital Markets currently has $24.00 target price on the financial services provider’s stock.
FITB has been the topic of several other research reports. Barclays PLC reaffirmed an equal weight rating and issued a $21.00 price objective on shares of Fifth Third Bancorp in a research report on Sunday, July 10th. Credit Suisse Group AG downgraded Fifth Third Bancorp from an outperform rating to a market perform rating in a research report on Wednesday, July 6th. Compass Point raised Fifth Third Bancorp from a neutral rating to a buy rating and set a $23.20 price objective on the stock in a research report on Wednesday, September 14th. BMO Capital Markets reaffirmed a market perform rating and issued a $19.00 price objective (down previously from $20.00) on shares of Fifth Third Bancorp in a research report on Wednesday, July 6th. Finally, Morgan Stanley downgraded Fifth Third Bancorp from an overweight rating to an equal weight rating and cut their price objective for the company from $21.00 to $20.00 in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $20.41.
Fifth Third Bancorp (NASDAQ:FITB) opened at 20.64 on Friday. The stock’s 50 day moving average price is $19.74 and its 200 day moving average price is $18.30. Fifth Third Bancorp has a one year low of $13.84 and a one year high of $21.14. The company has a market capitalization of $15.82 billion, a P/E ratio of 10.05 and a beta of 1.27.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same quarter in the prior year, the company posted $0.36 EPS. Equities analysts anticipate that Fifth Third Bancorp will post $1.60 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.52%. The ex-dividend date is Wednesday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 25.49%.
Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $192,634,000. Ameriprise Financial Inc. raised its stake in Fifth Third Bancorp by 53.2% in the second quarter. Ameriprise Financial Inc. now owns 13,362,943 shares of the financial services provider’s stock valued at $235,080,000 after buying an additional 4,642,322 shares during the period. Emerald Acquisition Ltd. bought a new stake in Fifth Third Bancorp during the second quarter valued at approximately $66,857,000. Bank of Montreal Can bought a new stake in Fifth Third Bancorp during the second quarter valued at approximately $58,829,000. Finally, Glenmede Trust Co. NA raised its stake in Fifth Third Bancorp by 2,270.4% in the second quarter. Glenmede Trust Co. NA now owns 1,610,187 shares of the financial services provider’s stock valued at $28,322,000 after buying an additional 1,542,259 shares during the period. 79.73% of the stock is currently owned by hedge funds and other institutional investors.
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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