Fifth Third Bancorp (FITB) Rating Reiterated by Instinet
Instinet reaffirmed their neutral rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report issued on Saturday. They currently have a $29.00 target price on the financial services provider’s stock, up from their previous target price of $28.00.
Other analysts have also issued research reports about the company. Morgan Stanley restated an equal weight rating and set a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Deutsche Bank AG reaffirmed a hold rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. TheStreet upgraded Fifth Third Bancorp from a c+ rating to a b rating in a report on Friday, June 23rd. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised Fifth Third Bancorp from a hold rating to a buy rating and set a $29.00 price target for the company in a research report on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $27.81.
Fifth Third Bancorp (FITB) opened at 27.91 on Friday. The company has a 50-day moving average of $26.67 and a 200-day moving average of $25.63. The company has a market cap of $20.56 billion, a PE ratio of 14.15 and a beta of 1.37. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.29%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s payout ratio is currently 32.49%.
Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in FITB. Park National Corp OH boosted its position in Fifth Third Bancorp by 13.3% in the third quarter. Park National Corp OH now owns 68,947 shares of the financial services provider’s stock valued at $1,929,000 after buying an additional 8,082 shares during the last quarter. Toronto Dominion Bank increased its holdings in Fifth Third Bancorp by 25.3% in the 2nd quarter. Toronto Dominion Bank now owns 254,772 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 51,384 shares during the period. Archford Capital Strategies LLC increased its holdings in Fifth Third Bancorp by 19,333.3% in the 2nd quarter. Archford Capital Strategies LLC now owns 9,328 shares of the financial services provider’s stock worth $1,429,000 after buying an additional 9,280 shares during the period. Afam Capital Inc. increased its holdings in Fifth Third Bancorp by 1.5% in the 2nd quarter. Afam Capital Inc. now owns 222,679 shares of the financial services provider’s stock worth $5,781,000 after buying an additional 3,336 shares during the period. Finally, Koch Industries Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $325,000. 79.58% of the stock is 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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