Fifth Third Bancorp (FITB) Receives Consensus Recommendation of “Hold” from Analysts

Fifth Third Bancorp (NASDAQ:FITB) has received an average recommendation of “Hold” from the twenty-six ratings firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, nineteen have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $27.22.

A number of equities analysts recently weighed in on the stock. Sanford C. Bernstein reissued a “market perform” rating and set a $31.00 target price (up previously from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday. BidaskClub downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research note on Friday, August 11th. Wells Fargo & Company started coverage on shares of Fifth Third Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.

In other news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Large investors have recently bought and sold shares of the company. Assetmark Inc. increased its position in shares of Fifth Third Bancorp by 0.7% during the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 32 shares in the last quarter. YorkBridge Wealth Partners LLC increased its position in shares of Fifth Third Bancorp by 5.4% during the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 298 shares in the last quarter. Sun Life Financial INC increased its position in shares of Fifth Third Bancorp by 55,050.0% during the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 5,505 shares in the last quarter. Sterling Investment Advisors Ltd. increased its position in shares of Fifth Third Bancorp by 20.8% during the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. bought a new stake in shares of Fifth Third Bancorp during the first quarter worth about $167,000. 79.60% of the stock is owned by institutional investors.

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Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.52 on Friday. The company has a 50 day moving average of $26.45 and a 200-day moving average of $25.63. The company has a market cap of $19.54 billion, a PE ratio of 13.44 and a beta of 1.36. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm earned $0.40 earnings per share. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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