Fifth Third Bancorp (FITB) Downgraded by Jefferies Group to Hold
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by stock analysts at Jefferies Group from a “buy” rating to a “hold” rating in a research note issued on Friday. They presently have a $22.00 price objective on the financial services provider’s stock. Jefferies Group’s target price would suggest a potential upside of 6.08% from the company’s current price. The analysts noted that the move was a valuation call.
FITB has been the topic of a number of other reports. Keefe, Bruyette & Woods downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $20.50 to $21.00 in a research report on Monday. Barclays PLC reiterated an “equal weight” rating and set a $21.00 target price on shares of Fifth Third Bancorp in a research report on Sunday, July 10th. Credit Suisse Group AG downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 6th. Rafferty Capital Markets upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Friday, September 16th. Finally, Compass Point upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $23.20 target price on the stock in a research report on Wednesday, September 14th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $20.72.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.39% during mid-day trading on Friday, hitting $20.66. The company’s stock had a trading volume of 1,442,472 shares. The company has a market cap of $15.83 billion, a PE ratio of 10.06 and a beta of 1.33. The stock has a 50-day moving average of $20.21 and a 200-day moving average of $18.59. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $21.14.
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Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same quarter in the prior year, the business earned $0.36 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post $1.60 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.51%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 25.49%.
Large investors have recently bought and sold shares of the stock. Global X Management Co. LLC increased its position in shares of Fifth Third Bancorp by 117.7% in the second quarter. Global X Management Co. LLC now owns 6,234 shares of the financial services provider’s stock worth $110,000 after buying an additional 3,371 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $112,000. Advisory Services Network LLC increased its position in shares of Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock worth $112,000 after buying an additional 3,857 shares in the last quarter. Duncker Streett & Co. Inc. increased its position in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,419 shares of the financial services provider’s stock worth $113,000 after buying an additional 20 shares in the last quarter. Finally, Atria Investments LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter worth approximately $179,000. Institutional investors and hedge funds own 79.73% of the company’s stock.
About Fifth Third Bancorp
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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