Fifth Third Bancorp (NASDAQ:FITB) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $30.00 price objective on the financial services provider’s stock, down from their prior price objective of $31.00. Citigroup‘s price objective would suggest a potential upside of 6.38% from the company’s current price.
A number of other research analysts also recently issued reports on the company. UBS Group raised their price target on W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research note on Wednesday, April 24th. Wedbush dropped their price target on Express from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, March 14th. Sandler O’Neill upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Barclays dropped their price target on Waters from $218.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group raised their price target on T. Rowe Price Group from $103.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and an average price target of $31.27.
NASDAQ:FITB opened at $28.20 on Friday. The stock’s 50 day moving average price is $27.42. The stock has a market cap of $20.71 billion, a P/E ratio of 10.89, a PEG ratio of 1.41 and a beta of 1.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $30.31.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.67 billion. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Fifth Third Bancorp will post 2.8 EPS for the current fiscal year.
Fifth Third Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total value of $99,120.89. Following the transaction, the director now directly owns 50,397 shares in the company, valued at approximately $1,336,024.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Teresa J. Tanner sold 2,918 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. Insiders sold a total of 62,466 shares of company stock worth $1,716,402 over the last quarter. Company insiders own 0.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Whitnell & Co. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $28,000. Guidant Wealth Advisors purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $38,000. First Command Bank boosted its stake in shares of Fifth Third Bancorp by 2,825.0% in the first quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,582 shares in the last quarter. Finally, Sandy Spring Bank boosted its stake in shares of Fifth Third Bancorp by 530.0% in the first quarter. Sandy Spring Bank now owns 1,783 shares of the financial services provider’s stock valued at $45,000 after buying an additional 1,500 shares in the last quarter. Institutional investors own 81.82% of the company’s stock.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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