Trade Report: The Fifth Third Bancorp (FITB) Receives New Coverage from Analysts at Wedbush

The Fifth Third Bancorp (FITB) Receives New Coverage from Analysts at Wedbush

Wedbush initiated coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report published on Thursday. The firm issued a neutral rating and a $22.00 price objective on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on the company. Barclays PLC reiterated an equal weight rating and issued a $21.00 target price on shares of Fifth Third Bancorp in a research report on Sunday, July 10th. Credit Agricole SA lifted their target price on Fifth Third Bancorp from $19.00 to $23.00 and gave the company an outperform rating in a research report on Friday, September 23rd. Stephens cut Fifth Third Bancorp from an overweight rating to an equal weight rating in a research report on Wednesday. Morgan Stanley cut Fifth Third Bancorp from an overweight rating to an equal weight rating and decreased their target price for the company from $21.00 to $20.00 in a research report on Tuesday, July 5th. Finally, Credit Suisse Group AG restated a sell rating on shares of Fifth Third Bancorp in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $20.72.

Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.34% during mid-day trading on Thursday, hitting $20.67. 3,724,391 shares of the company were exchanged. The firm has a 50 day moving average of $20.21 and a 200 day moving average of $18.59. The company has a market capitalization of $15.84 billion, a price-to-earnings ratio of 10.07 and a beta of 1.33. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $21.14.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating 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 in the previous year, the firm earned $0.36 EPS. Equities research analysts forecast that Fifth Third Bancorp will post $1.60 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 annualized dividend and a yield of 2.51%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 25.49%.

A number of large investors have recently made changes to their positions in FITB. Ngam Advisors L.P. increased its stake in shares of Fifth Third Bancorp by 45.7% in the first quarter. Ngam Advisors L.P. now owns 199,013 shares of the financial services provider’s stock valued at $3,322,000 after buying an additional 62,384 shares during the period. Stratos Wealth Partners LTD. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at about $178,000. BlackRock Group LTD increased its stake in shares of Fifth Third Bancorp by 1.4% in the first quarter. BlackRock Group LTD now owns 6,582,956 shares of the financial services provider’s stock valued at $109,869,000 after buying an additional 94,050 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Fifth Third Bancorp by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 20,366,757 shares of the financial services provider’s stock valued at $339,921,000 after buying an additional 81,851 shares during the period. Finally, Sentry Investment Management LLC increased its stake in shares of Fifth Third Bancorp by 5.5% in the first quarter. Sentry Investment Management LLC now owns 60,048 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 3,120 shares during the period. Institutional investors and hedge funds own 79.73% of the company’s stock.

About Fifth Third Bancorp

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