Keefe, Bruyette & Woods downgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from an outperform rating to a market perform rating in a report published on Monday. The brokerage currently has $21.00 price objective on the financial services provider’s stock, up from their prior price objective of $20.50.
Other analysts have also issued reports about the company. Jefferies Group reiterated a buy rating and issued a $19.50 price objective on shares of Fifth Third Bancorp in a research report on Thursday, July 7th. Compass Point upgraded Fifth Third Bancorp from a neutral rating to a buy rating and set a $23.20 price objective for the company in a research report on Wednesday, September 14th. Rafferty Capital Markets upgraded Fifth Third Bancorp from a hold rating to a buy rating and set a $24.00 price objective for the company in a research report on Friday, September 16th. Morgan Stanley lowered Fifth Third Bancorp from an overweight rating to an equal weight rating and lowered their price objective for the stock from $21.00 to $20.00 in a research report on Tuesday, July 5th. Finally, Barclays PLC restated an equal weight rating and set a $21.00 target price on shares of Fifth Third Bancorp in a research report on Sunday, July 10th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $20.59.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.31 on Monday. The stock has a 50 day moving average of $20.11 and a 200-day moving average of $18.53. Fifth Third Bancorp has a 52-week low of $13.84 and a 52-week high of $21.14. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 9.89 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping the Zacks’ 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 period last year, the business earned $0.36 earnings per share. On average, equities research analysts predict 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. Stockholders 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 dividend yield of 2.56%. The ex-dividend date is Wednesday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 25.49%.
Several hedge funds have recently added to or reduced their stakes in FITB. Deprince Race & Zollo Inc. raised its stake in Fifth Third Bancorp by 0.3% in the second quarter. Deprince Race & Zollo Inc. now owns 3,024,678 shares of the financial services provider’s stock valued at $53,204,000 after buying an additional 8,448 shares during the period. Geode Capital Management LLC raised its stake in Fifth Third Bancorp by 0.6% in the first quarter. Geode Capital Management LLC now owns 6,981,349 shares of the financial services provider’s stock valued at $116,300,000 after buying an additional 44,688 shares during the period. Endeavour Capital Advisors Inc. raised its stake in Fifth Third Bancorp by 2.8% in the first quarter. Endeavour Capital Advisors Inc. now owns 1,768,468 shares of the financial services provider’s stock valued at $29,516,000 after buying an additional 48,253 shares during the period. National Pension Service raised its stake in Fifth Third Bancorp by 4.5% in the first quarter. National Pension Service now owns 501,999 shares of the financial services provider’s stock valued at $8,378,000 after buying an additional 21,808 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in Fifth Third Bancorp during the first quarter valued at about $1,130,000. 79.73% of the stock is currently owned by 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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