Fifth Third Bancorp (NASDAQ:FITB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
A number of other research firms have also weighed in on FITB. Evercore ISI lowered Fifth Third Bancorp to a “hold” rating and set a $18.00 target price for the company. in a research note on Friday, July 15th. Stephens lowered Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 5th. Wedbush began coverage on Fifth Third Bancorp in a research note on Thursday, October 6th. They issued a “neutral” rating and a $22.00 target price for the company. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Wednesday, June 15th. Finally, Credit Suisse Group AG reissued a “sell” rating on shares of Fifth Third Bancorp in a research note on Tuesday, July 12th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $20.64.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.68 on Friday. Fifth Third Bancorp has a 52 week low of $13.84 and a 52 week high of $21.14. The firm has a 50-day moving average price of $20.28 and a 200-day moving average price of $18.66. The firm has a market cap of $15.85 billion, a PE ratio of 10.07 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 last year, the company earned $0.36 earnings per share. On average, equities research analysts predict that Fifth Third Bancorp will post $1.60 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 annualized dividend and a yield of 2.51%. Fifth Third Bancorp’s dividend payout ratio is 25.49%.
Hedge funds have recently modified their holdings of the stock. BB&T Securities LLC increased its stake in shares of Fifth Third Bancorp by 6,173.4% in the first quarter. BB&T Securities LLC now owns 644,838 shares of the financial services provider’s stock valued at $10,762,000 after buying an additional 634,559 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $27,053,000. Canada Pension Plan Investment Board increased its stake in shares of Fifth Third Bancorp by 160.4% in the first quarter. Canada Pension Plan Investment Board now owns 925,820 shares of the financial services provider’s stock valued at $15,452,000 after buying an additional 570,300 shares in the last quarter. Willis Investment Counsel increased its stake in shares of Fifth Third Bancorp by 33.9% in the first quarter. Willis Investment Counsel now owns 585,370 shares of the financial services provider’s stock valued at $9,770,000 after buying an additional 148,200 shares in the last quarter. Finally, Credit Agricole S A increased its stake in shares of Fifth Third Bancorp by 18.6% in the first quarter. Credit Agricole S A now owns 1,430,096 shares of the financial services provider’s stock valued at $23,869,000 after buying an additional 224,172 shares in the last quarter. Institutional investors and hedge funds 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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