Fifth Third Bancorp (FITB) Lifted to Buy at Zacks Investment Research
Fifth Third Bancorp (NASDAQ:FITB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $23.00 target price on the financial services provider’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 13.02% from the company’s current price.
According to Zacks, “Fifth Third’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by its ongoing strategic efforts which are likely to boost its efficiency and revenue in the long run. Further, the company remains on track to achieve $65 million in expense savings from branch divestitures. In Sep 2016, management announced it plans to consolidate or sell an additional 44 branches and five parcels of land beginning next year. Moreover, the company is likely to benefit from the ongoing economic recovery, given its diversified traditional banking platform. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
A number of other equities analysts also recently commented on FITB. Citigroup Inc. boosted their price objective on shares of Fifth Third Bancorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, June 6th. Susquehanna downgraded Fifth Third Bancorp from a “positive” rating to a “neutral” rating and set a $20.00 price target on the stock. in a research report on Tuesday, June 7th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research report on Wednesday, June 15th. Morgan Stanley downgraded Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $21.00 to $20.00 in a research report on Tuesday, July 5th. Finally, Oppenheimer Holdings Inc. downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $20.59.
Fifth Third Bancorp (NASDAQ:FITB) opened at 20.35 on Tuesday. The stock has a market capitalization of $15.60 billion, a P/E ratio of 9.91 and a beta of 1.33. Fifth Third Bancorp has a 52-week low of $13.84 and a 52-week high of $21.14. The company’s 50-day moving average price is $20.11 and its 200 day moving average price is $18.53.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. Fifth Third Bancorp had a net margin of 23.36% and a return on equity of 9.25%. During the same period in the prior year, the business earned $0.36 earnings per share. On average, equities research analysts predict that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.56%. Fifth Third Bancorp’s dividend payout ratio is currently 25.49%.
Several hedge funds have recently made changes to their positions in FITB. Global X Management Co. LLC increased its stake in shares of Fifth Third Bancorp by 117.7% in the second quarter. Global X Management Co. LLC now owns 6,234 shares of the financial services provider’s stock worth $110,000 after buying an additional 3,371 shares in the last quarter. Acrospire Investment Management LLC purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth about $112,000. Advisory Services Network LLC increased its stake in shares of Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock worth $112,000 after buying an additional 3,857 shares in the last quarter. Duncker Streett & Co. Inc. increased its stake in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,419 shares of the financial services provider’s stock worth $113,000 after buying an additional 20 shares in the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth about $178,000. Institutional investors and hedge funds own 79.73% of the company’s stock.
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.
Receive News & Stock Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related stocks with our FREE daily email newsletter.