Fifth Third Bancorp (NASDAQ:FITB) Downgraded to Neutral at Citigroup

Fifth Third Bancorp (NASDAQ:FITB) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Friday, The Fly reports.

Other analysts have also issued research reports about the company. BidaskClub upgraded Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Keefe, Bruyette & Woods upgraded Kearny Financial from an “underperform” rating to a “market perform” rating and increased their target price for the company from $11.50 to $12.50 in a report on Thursday, April 4th. ValuEngine upgraded USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. JPMorgan Chase & Co. initiated coverage on Pinduoduo in a report on Tuesday. They issued an “underweight” rating and a $20.48 target price for the company. Finally, Jefferies Financial Group increased their target price on T. Rowe Price Group from $103.00 to $119.00 and gave the company a “buy” rating in a report on Monday, April 1st. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $31.20.

Shares of NASDAQ:FITB opened at $28.05 on Friday. Fifth Third Bancorp has a one year low of $22.12 and a one year high of $30.31. The firm’s fifty day moving average is $27.40. The firm has a market cap of $20.30 billion, a P/E ratio of 11.04, a PEG ratio of 1.38 and a beta of 1.33. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. As a group, research analysts expect that Fifth Third Bancorp will post 2.8 earnings per share for the current fiscal year.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Tuesday, June 18th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

In related news, CAO Teresa J. Tanner sold 2,918 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total transaction of $83,892.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jewell D. Hoover sold 3,739 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total value of $99,120.89. Following the sale, the director now owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,466 shares of company stock valued at $1,716,402. 0.40% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Whitnell & Co. purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth $28,000. Guidant Wealth Advisors purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth $38,000. First Command Bank increased its position in Fifth Third Bancorp by 2,825.0% during the first quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,582 shares during the last quarter. Finally, Sandy Spring Bank increased its position in Fifth Third Bancorp by 530.0% during the first quarter. Sandy Spring Bank now owns 1,783 shares of the financial services provider’s stock worth $45,000 after buying an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 81.82% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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