Fifth Third Bancorp Given Neutral Rating at Zacks (FITB)
Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday, American Banking & Market News reports. They currently have a $22.50 price target on the stock. Zacks‘ price objective suggests a potential upside of 4.55% from the stock’s previous close.
Zacks‘ analyst wrote, “Fifth Third reported fourth-quarter 2013 earnings per share of $0.43, in line with both the Zacks Consensus Estimate and the prior-year quarter figure. Reduced net charge-offs, lower nonperforming assets, increase in loans and deposits were the positives. Further, revenue growth, decreased expenses and a strong capital position acted as tailwinds. However, a low interest-rate environment, regulatory issues as well as competitive pressures remain looming concerns After reviewing the results, we are maintaining our Neutral recommendation on the shares. “
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.67% on Friday, hitting $21.375. The stock had a trading volume of 5,831,508 shares. Fifth Third Bancorp has a 1-year low of $15.43 and a 1-year high of $21.96. The stock’s 50-day moving average is $20.89 and its 200-day moving average is $19.45. The company has a market cap of $18.871 billion and a P/E ratio of 10.73.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.43 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.42 by $0.01. During the same quarter in the prior year, the company posted $0.43 earnings per share. On average, analysts predict that Fifth Third Bancorp will post $2.00 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG raised their price target on shares of Fifth Third Bancorp to $25.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Fifth Third Bancorp from $21.00 to $23.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Finally, analysts at FBR Capital Markets raised their price target on shares of Fifth Third Bancorp from $21.00 to $25.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Fourteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $20.82.
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company.
To view Zacks’ full report, visit www.zacks.com
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