BMO Capital Markets reaffirmed their hold rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report released on Thursday. They currently have a $29.00 price objective on the financial services provider’s stock.
Several other research analysts also recently commented on FITB. Robert W. Baird downgraded Fifth Third Bancorp from a neutral rating to an underperform rating and set a $24.00 price objective on the stock. in a report on Monday, October 2nd. BidaskClub downgraded Fifth Third Bancorp from a buy rating to a hold rating in a report on Saturday, August 12th. Zacks Investment Research downgraded Fifth Third Bancorp from a buy rating to a hold rating in a report on Tuesday, September 26th. Nomura lifted their price objective on Fifth Third Bancorp from $28.00 to $29.00 and gave the stock a neutral rating in a report on Thursday, September 28th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $27.92.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 28.19 on Thursday. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The company has a market cap of $20.77 billion, a price-to-earnings ratio of 14.29 and a beta of 1.37. The company’s 50-day moving average price is $26.79 and its 200-day moving average price is $25.68.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. Analysts anticipate that Fifth Third Bancorp will post $1.83 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.27%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 32.49%.
Fifth Third Bancorp announced that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Duncker Streett & Co. Inc. grew its stake in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 17 shares during the last quarter. Bragg Financial Advisors Inc grew its stake in shares of Fifth Third Bancorp by 0.4% in the first quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 55 shares during the last quarter. Catawba Capital Management VA grew its stake in shares of Fifth Third Bancorp by 0.6% in the second quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 65 shares during the last quarter. Bollard Group LLC grew its stake in shares of Fifth Third Bancorp by 0.6% in the second quarter. Bollard Group LLC now owns 17,906 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 102 shares during the last quarter. Finally, Commerce Bank grew its stake in shares of Fifth Third Bancorp by 1.0% in the second quarter. Commerce Bank now owns 16,552 shares of the financial services provider’s stock worth $430,000 after purchasing an additional 166 shares during the last quarter. 79.58% of the stock is currently owned by institutional investors.
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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