Zacks Investment Research upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a hold rating to a buy rating in a research note released on Tuesday morning. The brokerage currently has $23.00 price objective on the financial services provider’s stock.
According to Zacks, “Fifth Third’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by its ongoing strategic efforts which are likely to boost its efficiency and revenue in the long run. Further, the company remains on track to achieve $65 million in expense savings from branch divestitures. In Sep 2016, management announced it plans to consolidate or sell an additional 44 branches and five parcels of land beginning next year. Moreover, the company is likely to benefit from the ongoing economic recovery, given its diversified traditional banking platform. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
A number of other equities research analysts also recently weighed in on FITB. Citigroup Inc. raised their price target on Fifth Third Bancorp from $19.00 to $20.00 and gave the stock a neutral rating in a research note on Monday, June 6th. Susquehanna downgraded Fifth Third Bancorp from a positive rating to a neutral rating and set a $20.00 price objective on the stock. in a research note on Tuesday, June 7th. Deutsche Bank AG reissued a hold rating on shares of Fifth Third Bancorp in a research note on Wednesday, June 15th. Morgan Stanley downgraded Fifth Third Bancorp from an overweight rating to an equal weight rating and cut their price objective for the company from $21.00 to $20.00 in a research note on Tuesday, July 5th. Finally, Oppenheimer Holdings Inc. downgraded Fifth Third Bancorp from an outperform rating to a market perform rating in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the company’s stock. Fifth Third Bancorp has a consensus rating of Hold and an average price target of $20.64.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.69 on Tuesday. Fifth Third Bancorp has a 52-week low of $13.84 and a 52-week high of $21.14. The company’s 50 day moving average price is $20.25 and its 200 day moving average price is $18.61. The firm has a market capitalization of $15.86 billion, a price-to-earnings ratio of 10.08 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share 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 quarter in the prior year, the firm posted $0.36 earnings per share. Analysts forecast that Fifth Third Bancorp will post $1.60 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.51%. Fifth Third Bancorp’s payout ratio is currently 25.49%.
Several large investors have recently added to or reduced their stakes in FITB. Duncker Streett & Co. Inc. increased its stake in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,419 shares of the financial services provider’s stock worth $113,000 after buying an additional 20 shares during the last quarter. Woodstock Corp increased its stake in Fifth Third Bancorp by 0.5% in the second quarter. Woodstock Corp now owns 15,625 shares of the financial services provider’s stock worth $275,000 after buying an additional 75 shares during the last quarter. Washington Trust Bank increased its stake in Fifth Third Bancorp by 0.4% in the third quarter. Washington Trust Bank now owns 21,687 shares of the financial services provider’s stock worth $444,000 after buying an additional 79 shares during the last quarter. Banced Corp increased its stake in Fifth Third Bancorp by 0.7% in the second quarter. Banced Corp now owns 18,101 shares of the financial services provider’s stock worth $342,000 after buying an additional 117 shares during the last quarter. Finally, Bollard Group LLC increased its stake in Fifth Third Bancorp by 0.7% in the second quarter. Bollard Group LLC now owns 17,474 shares of the financial services provider’s stock worth $307,000 after buying an additional 124 shares during the last quarter. Institutional investors own 79.73% 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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