Instinet Increases Fifth Third Bancorp (FITB) Price Target to $28.00
Fifth Third Bancorp (NASDAQ:FITB) had its price objective boosted by equities researchers at Instinet from $27.00 to $28.00 in a research note issued to investors on Friday. The firm currently has a “neutral” rating on the financial services provider’s stock. Instinet’s price target points to a potential upside of 5.78% from the company’s current price.
Several other equities research analysts have also issued reports on FITB. Hilliard Lyons lowered Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 price target for the company. in a research note on Thursday, March 2nd. Evercore ISI lowered Fifth Third Bancorp from a “hold” rating to an “underperform” rating in a research note on Friday, March 3rd. Rafferty Capital Markets lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 7th. Compass Point raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 29th. They noted that the move was a valuation call. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, April 4th. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $25.44.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 1.96% during mid-day trading on Friday, hitting $26.47. The company had a trading volume of 2,930,742 shares. The company has a market capitalization of $19.86 billion, a PE ratio of 13.84 and a beta of 1.36. Fifth Third Bancorp has a one year low of $16.26 and a one year high of $28.97. The company’s 50-day moving average is $24.66 and its 200 day moving average is $25.83.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. During the same quarter last year, the company earned $0.40 earnings per share. On average, equities research analysts forecast that Fifth Third Bancorp will post $1.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.12%. Fifth Third Bancorp’s dividend payout ratio is presently 29.17%.
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In related news, CAO Teresa J. Tanner sold 26,010 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total transaction of $647,649.00. Following the transaction, the chief accounting officer now owns 41,286 shares in the company, valued at approximately $1,028,021.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of the business’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.63, for a total value of $328,096.23. Following the transaction, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,768,261.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,315 shares of company stock worth $2,716,947. 0.38% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in FITB. Catawba Capital Management VA acquired a new position in shares of Fifth Third Bancorp during the first quarter worth about $269,000. Manning & Napier Advisors LLC increased its position in shares of Fifth Third Bancorp by 13.5% in the first quarter. Manning & Napier Advisors LLC now owns 99,761 shares of the financial services provider’s stock worth $2,533,000 after buying an additional 11,875 shares in the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of Fifth Third Bancorp by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 649,999 shares of the financial services provider’s stock worth $16,510,000 after buying an additional 15,710 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Fifth Third Bancorp by 2.6% in the fourth quarter. Macquarie Group Ltd. now owns 430,550 shares of the financial services provider’s stock worth $11,612,000 after buying an additional 10,850 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $660,000. Institutional investors own 81.20% of the company’s stock.
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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