Fifth Third Bancorp Coverage Initiated at Sterne Agee (FITB)
Stock analysts at Sterne Agee began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.
In other Fifth Third Bancorp news, EVP Teresa J. Tanner sold 15,949 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $20.74, for a total value of $330,782.26. The sale was disclosed in a filing with the SEC, which is available at this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a “neutral” rating and a $23.00 price target on the stock. Separately, analysts at Guggenheim cut their price target on shares of Fifth Third Bancorp from $26.00 to $24.50 in a research note on Tuesday, May 6th. Finally, analysts at BMO Capital Markets downgraded shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research note on Friday, April 25th. They now have a $22.00 price target on the stock, down previously from $23.00. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $22.36.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.55 on Friday. Fifth Third Bancorp has a 1-year low of $17.33 and a 1-year high of $23.90. The stock has a 50-day moving average of $20.73 and a 200-day moving average of $21.20. The company has a market cap of $17.478 billion and a price-to-earnings ratio of 10.72. Fifth Third Bancorp also was the target of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 12,506,421 shares, a growth of 34.6% from the April 30th total of 9,292,793 shares. Based on an average daily trading volume, of 8,496,202 shares, the days-to-cover ratio is currently 1.5 days. Currently, 1.5% of the shares of the stock are short sold.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Thursday, April 17th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.05. During the same quarter in the previous year, the company posted $0.46 earnings per share. Analysts expect that Fifth Third Bancorp will post $1.70 EPS for the current fiscal year.
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company.
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