Jefferies Group LLC Reiterates “Hold” Rating for Fifth Third Bancorp (FITB)
Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “hold” rating restated by equities research analysts at Jefferies Group LLC in a research report issued on Friday. They currently have a $28.00 price target on the financial services provider’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 7.24% from the stock’s current price.
FITB has been the subject of several other reports. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Morgan Stanley restated an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Finally, Instinet raised their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $26.54.
Fifth Third Bancorp (NASDAQ FITB) traded down 1.02% during trading on Friday, reaching $26.11. 4,345,297 shares of the company’s stock were exchanged. The stock has a market cap of $19.24 billion, a PE ratio of 13.23 and a beta of 1.37. Fifth Third Bancorp has a 12 month low of $18.95 and a 12 month high of $28.97. The firm has a 50 day moving average of $26.26 and a 200-day moving average of $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $0.40 earnings per share. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
Fifth Third Bancorp declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. boosted 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. YorkBridge Wealth Partners LLC boosted 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. Sterling Investment Advisors Ltd. boosted its position in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the last quarter. Ullmann Financial Group Inc. bought a new position in Fifth Third Bancorp during the first quarter worth $167,000. Finally, Duncker Streett & Co. Inc. boosted its position in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after buying an additional 17 shares during the last quarter. 80.50% of the stock is currently owned by hedge funds and other 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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