Fifth Third Bancorp (NASDAQ:FITB) Given New $30.00 Price Target at JPMorgan Chase & Co.
Fifth Third Bancorp (NASDAQ:FITB) had its price objective cut by JPMorgan Chase & Co. from $30.50 to $30.00 in a research note published on Tuesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the financial services provider’s stock.
A number of other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Heritage Insurance from a hold rating to a strong sell rating in a research report on Friday, April 26th. Sandler O’Neill upgraded shares of Fifth Third Bancorp from a hold rating to a buy rating in a report on Friday, March 22nd. Barclays lowered their target price on shares of Waters from $218.00 to $210.00 and set an equal weight rating for the company in a report on Wednesday, April 24th. BidaskClub upgraded shares of Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Finally, UBS Group boosted their target price on shares of W. R. Berkley from $53.00 to $56.00 and gave the company a sell rating in a report on Wednesday, April 24th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $31.27.
NASDAQ:FITB opened at $28.20 on Tuesday. The firm has a 50 day moving average price of $27.42. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $20.60 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.40 and a beta of 1.33. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $30.31.
Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Tuesday, June 18th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.24 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.40%. The ex-dividend date is Thursday, June 27th. Fifth Third Bancorp’s payout ratio is currently 37.80%.
In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 55,600 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $27.47, for a total transaction of $1,527,332.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total transaction of $83,892.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,466 shares of company stock valued at $1,716,402. 0.40% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in FITB. Deprince Race & Zollo Inc. boosted its stake in shares of Fifth Third Bancorp by 4.8% in the fourth quarter. Deprince Race & Zollo Inc. now owns 692,521 shares of the financial services provider’s stock valued at $16,295,000 after purchasing an additional 31,860 shares during the period. Private Advisor Group LLC boosted its stake in shares of Fifth Third Bancorp by 35.9% in the fourth quarter. Private Advisor Group LLC now owns 10,204 shares of the financial services provider’s stock valued at $239,000 after purchasing an additional 2,697 shares during the period. Bessemer Group Inc. boosted its stake in shares of Fifth Third Bancorp by 8.9% in the fourth quarter. Bessemer Group Inc. now owns 11,669 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 954 shares during the period. Korea Investment CORP boosted its stake in shares of Fifth Third Bancorp by 2.2% in the fourth quarter. Korea Investment CORP now owns 126,393 shares of the financial services provider’s stock valued at $2,974,000 after purchasing an additional 2,744 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Fifth Third Bancorp by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock valued at $225,927,000 after purchasing an additional 988,392 shares during the period. Institutional investors and hedge funds own 81.82% of the company’s stock.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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