Robert W. Baird Lowers Fifth Third Bancorp (FITB) to Underperform
Robert W. Baird downgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a neutral rating to an underperform rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has $24.00 price target on the financial services provider’s stock.
Other equities research analysts have also issued research reports about the stock. TheStreet raised shares of Fifth Third Bancorp from a c+ rating to a b rating in a research note on Friday, June 23rd. Zacks Investment Research raised shares of Fifth Third Bancorp from a hold rating to a buy rating and set a $29.00 price objective on the stock in a research note on Thursday, July 27th. BidaskClub raised shares of Fifth Third Bancorp from a hold rating to a buy rating in a research note on Saturday, August 5th. Morgan Stanley reaffirmed an equal weight rating and issued a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $27.86.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 28.22 on Monday. The firm has a market cap of $20.79 billion, a price-to-earnings ratio of 14.30 and a beta of 1.37. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The company has a 50 day moving average of $26.74 and a 200-day moving average of $25.66.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. Analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.27%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s payout ratio is presently 32.49%.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.38% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. grew its position in Fifth Third Bancorp by 1.5% during the second quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock valued at $57,997,000 after buying an additional 33,660 shares during the period. Gotham Asset Management LLC bought a new stake in Fifth Third Bancorp during the first quarter valued at approximately $303,000. Cornerstone Advisors Inc. grew its position in Fifth Third Bancorp by 14.2% during the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after buying an additional 847 shares during the period. Principal Financial Group Inc. grew its position in Fifth Third Bancorp by 4.9% during the second quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock valued at $38,232,000 after buying an additional 68,859 shares during the period. Finally, Capital Fund Management S.A. grew its position in Fifth Third Bancorp by 69.8% during the second quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock valued at $8,339,000 after buying an additional 132,047 shares during the period. Institutional investors own 79.58% of the company’s stock.
Fifth Third Bancorp Company Profile
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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