Zacks Investment Research lowered shares of Fifth Third Bancorp (NASDAQ:FITB) from a buy rating to a hold rating in a research note released on Friday morning.
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.”
Several other analysts have also commented on FITB. Deutsche Bank AG reissued a hold rating on shares of Fifth Third Bancorp in a research report on Wednesday, June 15th. Morgan Stanley lowered shares of Fifth Third Bancorp from an overweight rating to an equal weight rating and decreased their price target for the company from $21.00 to $20.00 in a research report on Tuesday, July 5th. Oppenheimer Holdings Inc. lowered shares of Fifth Third Bancorp from an outperform rating to a market perform rating in a research report on Wednesday, July 6th. Credit Suisse Group AG lowered shares of Fifth Third Bancorp from an outperform rating to a market perform rating in a research report on Wednesday, July 6th. Finally, BMO Capital Markets reaffirmed a market perform rating and issued a $19.00 price objective (down from $20.00) on shares of Fifth Third Bancorp in a research report on Wednesday, July 6th. Two 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 company currently has an average rating of Hold and an average target price of $20.64.
Fifth Third Bancorp (NASDAQ:FITB) opened at 20.39 on Friday. The stock has a market cap of $15.63 billion, a P/E ratio of 9.93 and a beta of 1.33. Fifth Third Bancorp has a one year low of $13.84 and a one year high of $21.14. The firm’s 50-day moving average is $20.30 and its 200 day moving average is $18.67.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a net margin of 23.36% and a return on equity of 9.25%. During the same quarter last year, the business earned $0.36 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post $1.60 EPS for the current fiscal year.
The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 2.55%. Fifth Third Bancorp’s dividend payout ratio is presently 25.49%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC raised its position in Fifth Third Bancorp by 117.7% in the second quarter. Global X Management Co. LLC now owns 6,234 shares of the financial services provider’s stock valued at $110,000 after buying an additional 3,371 shares in the last quarter. Advisory Services Network LLC raised its position in Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock valued at $112,000 after buying an additional 3,857 shares in the last quarter. Duncker Streett & Co. Inc. raised its position 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 valued at $113,000 after buying an additional 20 shares in the last quarter. Acrospire Investment Management LLC bought a new position in Fifth Third Bancorp during the first quarter valued at approximately $112,000. Finally, Atria Investments LLC bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $179,000. 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.