Fifth Third Bancorp (FITB) Downgraded by Jefferies Group to “Hold”
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by equities researchers at Jefferies Group from a “buy” rating to a “hold” rating in a research report issued on Friday. They currently have a $22.00 target price on the financial services provider’s stock. Jefferies Group’s target price suggests a potential upside of 6.33% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently weighed in on the company. Wedbush assumed coverage on Fifth Third Bancorp in a research report on Thursday. They set a “neutral” rating and a $22.00 price target on the stock. Stephens downgraded Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Tuesday. Keefe, Bruyette & Woods downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $20.50 to $21.00 in a research report on Monday. Finally, Credit Agricole SA increased their price target on Fifth Third Bancorp from $19.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, September 23rd. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have given a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $20.72.
Fifth Third Bancorp (NASDAQ:FITB) traded down 0.24% during midday trading on Friday, hitting $20.69. The company had a trading volume of 6,015,005 shares. The firm has a market capitalization of $15.86 billion, a P/E ratio of 10.08 and a beta of 1.33. Fifth Third Bancorp has a 1-year low of $13.84 and a 1-year high of $21.14. The company has a 50 day moving average price of $20.21 and a 200 day moving average price of $18.59.
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Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (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 period last year, the business posted $0.36 earnings per share. Equities research analysts forecast that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Wednesday, September 28th. Fifth Third Bancorp’s payout ratio is presently 25.49%.
Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Fifth Third Bancorp by 1.2% in the second quarter. Vanguard Group Inc. now owns 52,424,683 shares of the financial services provider’s stock worth $922,150,000 after buying an additional 616,449 shares during the last quarter. Boston Partners raised its stake in shares of Fifth Third Bancorp by 1.5% in the second quarter. Boston Partners now owns 38,019,223 shares of the financial services provider’s stock worth $668,757,000 after buying an additional 578,456 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Fifth Third Bancorp by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 20,366,757 shares of the financial services provider’s stock worth $339,921,000 after buying an additional 81,851 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Fifth Third Bancorp by 53.2% in the second quarter. Ameriprise Financial Inc. now owns 13,362,943 shares of the financial services provider’s stock worth $235,080,000 after buying an additional 4,642,322 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Fifth Third Bancorp by 18.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,452,880 shares of the financial services provider’s stock worth $166,247,000 after buying an additional 1,468,444 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors.
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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