Fifth Third Bancorp (FITB) Rating Reiterated by Sanford C. Bernstein
Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “market perform” rating reissued by equities research analysts at Sanford C. Bernstein in a research note issued to investors on Saturday. They currently have a $31.00 target price on the financial services provider’s stock, up from their previous target price of $29.00. Sanford C. Bernstein’s target price suggests a potential upside of 16.89% from the stock’s current price.
FITB has been the topic of a number of other reports. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Jefferies Group LLC restated a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets restated a “hold” rating and set a $27.00 price objective on shares of Fifth Third Bancorp in a report on Friday, May 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and an average price target of $26.97.
Fifth Third Bancorp (NASDAQ FITB) opened at 26.52 on Friday. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The stock’s 50 day moving average is $26.45 and its 200 day moving average is $25.63. The stock has a market capitalization of $19.54 billion, a PE ratio of 13.44 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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In related news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.38% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank boosted its holdings in shares of Fifth Third Bancorp by 25.3% during the 2nd quarter. Toronto Dominion Bank now owns 254,772 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 51,384 shares during the period. Archford Capital Strategies LLC boosted its holdings in shares of Fifth Third Bancorp by 19,333.3% during the 2nd quarter. Archford Capital Strategies LLC now owns 9,328 shares of the financial services provider’s stock worth $1,429,000 after buying an additional 9,280 shares during the period. Afam Capital Inc. boosted its holdings in shares of Fifth Third Bancorp by 1.5% during the 2nd quarter. Afam Capital Inc. now owns 222,679 shares of the financial services provider’s stock worth $5,781,000 after buying an additional 3,336 shares during the period. Koch Industries Inc. bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $325,000. Finally, Scotia Capital Inc. boosted its holdings in shares of Fifth Third Bancorp by 1.2% during the 2nd quarter. Scotia Capital Inc. now owns 78,139 shares of the financial services provider’s stock worth $2,028,000 after buying an additional 900 shares during the period. 79.60% of the stock is owned by institutional investors and hedge funds.
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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