Fifth Third Bancorp (FITB) Downgraded by Zacks Investment Research
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Fifth Third’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by its ongoing strategic efforts which are likely to boost its efficiency and revenue in the long run. Further, the company remains on track to achieve $65 million in expense savings from branch divestitures. In Sep 2016, management announced it plans to consolidate or sell an additional 44 branches and five parcels of land beginning next year. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
Several other analysts have also recently issued reports on the stock. Nomura restated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 9th. Wells Fargo & Co. restated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 9th. Jefferies Group cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research report on Friday. They noted that the move was a valuation call. FBR & Co restated a “hold” rating and set a $20.00 target price on shares of Fifth Third Bancorp in a research report on Friday, July 29th. Finally, Rafferty Capital Markets upgraded shares of 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. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $20.72.
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Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.82% during mid-day trading on Friday, reaching $20.57. The company’s stock had a trading volume of 3,311,838 shares. Fifth Third Bancorp has a 12 month low of $13.84 and a 12 month high of $21.14. The company has a market cap of $15.76 billion, a P/E ratio of 10.02 and a beta of 1.33. The company has a 50-day moving average of $20.21 and a 200-day moving average of $18.59.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a net margin of 23.36% and a return on equity of 9.25%. During the same period in the previous year, the company posted $0.36 EPS. Equities research analysts forecast that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a yield of 2.51%. Fifth Third Bancorp’s payout ratio is 25.49%.
Large investors have recently bought and sold shares of the stock. Global X Management Co. LLC boosted its stake in 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 during the last quarter. Advisory Services Network LLC boosted its position in 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. boosted its position in 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. Acrospire Investment Management LLC bought a new position in Fifth Third Bancorp during the first quarter worth about $112,000. Finally, Atria Investments LLC bought a new position in Fifth Third Bancorp during the second quarter worth about $179,000. 79.73% of the stock is 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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