Fifth Third Bancorp (FITB) Downgraded by BidaskClub
BidaskClub downgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a buy rating to a hold rating in a research note issued to investors on Friday.
A number of other research firms have also weighed in on FITB. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the stock an equal weight rating in a report on Wednesday, December 13th. Robert W. Baird reaffirmed a sell rating and issued a $29.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, January 3rd. Oppenheimer reaffirmed a hold rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. BMO Capital Markets reaffirmed a hold rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, December 8th. Finally, Royal Bank of Canada reaffirmed a buy rating on shares of Fifth Third Bancorp in a research report on Sunday, December 10th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $29.33.
Fifth Third Bancorp (NASDAQ:FITB) traded down $0.01 on Friday, hitting $30.70. 5,896,187 shares of the company were exchanged, compared to its average volume of 6,783,360. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.93. Fifth Third Bancorp has a 12 month low of $23.20 and a 12 month high of $31.83. The firm has a market cap of $21,660.00, a price-to-earnings ratio of 11.58, a PEG ratio of 2.20 and a beta of 1.35.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the prior year, the business posted $0.65 EPS. sell-side analysts predict that Fifth Third Bancorp will post 1.79 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Thursday, December 28th. Fifth Third Bancorp’s dividend payout ratio is currently 24.15%.
In other news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were 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 directly owns 154,577 shares of the company’s stock, valued at approximately $4,461,092.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in FITB. Commerce Bank boosted its holdings in Fifth Third Bancorp by 1.0% in the 2nd quarter. Commerce Bank now owns 16,552 shares of the financial services provider’s stock worth $430,000 after buying an additional 166 shares during the period. Scotia Capital Inc. boosted its holdings in Fifth Third Bancorp by 1.2% in the 2nd quarter. Scotia Capital Inc. now owns 78,139 shares of the financial services provider’s stock worth $2,028,000 after buying an additional 900 shares during the period. Veritable L.P. boosted its holdings in Fifth Third Bancorp by 5.5% in the 2nd quarter. Veritable L.P. now owns 20,021 shares of the financial services provider’s stock worth $520,000 after buying an additional 1,042 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in Fifth Third Bancorp by 0.3% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 346,050 shares of the financial services provider’s stock worth $8,983,000 after buying an additional 1,100 shares during the period. Finally, Hugh Johnson Advisors LLC boosted its holdings in Fifth Third Bancorp by 10.1% in the 2nd quarter. Hugh Johnson Advisors LLC now owns 14,324 shares of the financial services provider’s stock worth $372,000 after buying an additional 1,319 shares during the period. 83.84% of the stock is owned by hedge funds and other institutional investors.
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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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