Fifth Third Bancorp (FITB) Lowered to Hold at TheStreet
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by equities research analysts at TheStreet to a “hold” rating in a research report issued on Friday.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, February 27th. Hilliard Lyons downgraded Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 price target on the stock. in a research report on Thursday, March 2nd. Evercore ISI downgraded Fifth Third Bancorp from a “hold” rating to an “underperform” rating in a research report on Friday, March 3rd. Rafferty Capital Markets downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, March 7th. Finally, Compass Point raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a report on Wednesday, March 29th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $24.44.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 24.47 on Friday. The stock’s 50 day moving average price is $24.59 and its 200 day moving average price is $25.93. Fifth Third Bancorp has a one year low of $16.14 and a one year high of $28.97. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 12.80 and a beta of 1.29.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.38. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. Fifth Third Bancorp had a return on equity of 10.15% and a net margin of 22.53%. During the same quarter last year, the company earned $0.40 earnings per share. On average, equities analysts anticipate that Fifth Third Bancorp will post $1.78 earnings per share for the current fiscal year.
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In other news, CAO Teresa J. Tanner sold 54,984 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.88, for a total transaction of $1,368,001.92. Following the completion of the sale, the chief accounting officer now directly owns 41,286 shares in the company, valued at $1,027,195.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $24.63, for a total transaction of $328,096.23. Following the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,768,261.59. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,315 shares of company stock valued at $2,716,947. Company insiders own 0.99% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Focused Wealth Management Inc bought a new position in Fifth Third Bancorp during the fourth quarter worth about $119,000. Assetmark Inc. increased its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Virtus Investment Advisers Inc. bought a new position in Fifth Third Bancorp during the third quarter worth about $128,000. Quadrant Capital Group LLC increased its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the last quarter. Finally, YorkBridge Wealth Partners LLC increased its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the last quarter. 81.97% 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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