Fifth Third Bancorp (NASDAQ:FITB) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, May 22nd.
FITB has been the subject of several other reports. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, April 12th. BidaskClub lowered Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 18th. FIG Partners downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research report on Monday, May 21st. Nomura raised their target price on Fifth Third Bancorp from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Wednesday, April 25th. Finally, Bank of America raised their target price on Fifth Third Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $32.07.
Shares of Fifth Third Bancorp traded down $0.31, reaching $30.84, during midday trading on Tuesday, according to MarketBeat Ratings. 5,950,000 shares of the stock were exchanged, compared to its average volume of 5,892,816. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.61 and a beta of 1.27. Fifth Third Bancorp has a 52 week low of $24.58 and a 52 week high of $34.67.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.49. Fifth Third Bancorp had a return on equity of 10.45% and a net margin of 30.14%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period last year, the business posted $0.38 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. equities research analysts predict that Fifth Third Bancorp will post 2.48 EPS for the current year.
Fifth Third Bancorp announced that its board has approved a share buyback plan on Tuesday, February 27th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP Aravind Immaneni sold 4,000 shares of Fifth Third Bancorp stock in a transaction on Monday, March 19th. The stock was sold at an average price of $33.60, for a total value of $134,400.00. Following the completion of the sale, the executive vice president now directly owns 23,071 shares of the company’s stock, valued at $775,185.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Altrinsic Global Advisors LLC grew its stake in shares of Fifth Third Bancorp by 6.3% in the fourth quarter. Altrinsic Global Advisors LLC now owns 26,581 shares of the financial services provider’s stock valued at $806,000 after buying an additional 1,581 shares in the last quarter. Meeder Asset Management Inc. grew its stake in shares of Fifth Third Bancorp by 0.9% in the first quarter. Meeder Asset Management Inc. now owns 186,714 shares of the financial services provider’s stock valued at $5,928,000 after buying an additional 1,643 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Fifth Third Bancorp by 40.7% in the fourth quarter. Valeo Financial Advisors LLC now owns 6,007 shares of the financial services provider’s stock valued at $182,000 after buying an additional 1,737 shares in the last quarter. Creative Planning grew its stake in shares of Fifth Third Bancorp by 2.1% in the fourth quarter. Creative Planning now owns 88,715 shares of the financial services provider’s stock valued at $2,692,000 after buying an additional 1,793 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its stake in shares of Fifth Third Bancorp by 30.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 7,792 shares of the financial services provider’s stock valued at $247,000 after buying an additional 1,797 shares in the last quarter. 82.25% of the stock is owned by institutional investors and hedge funds.
Fifth Third Bancorp Company Profile
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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