Zacks Investment Research Lowers Fifth Third Bancorp (FITB) to Hold
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
FITB has been the topic of a number of other reports. Nomura restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 9th. Wells Fargo & Co. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 9th. Jefferies Group lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a report on Friday. They noted that the move was a valuation call. FBR & Co restated a “hold” rating and issued a $20.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 29th. Finally, Rafferty Capital Markets upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.72.
Fifth Third Bancorp (NASDAQ:FITB) traded down 1.01% during trading on Friday, reaching $20.53. The company had a trading volume of 3,255,674 shares. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $21.14. The stock has a market capitalization of $15.73 billion, a P/E ratio of 10.00 and a beta of 1.33. The stock has a 50 day moving average of $20.21 and a 200-day moving average of $18.59.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 quarter last year, the firm posted $0.36 EPS. On average, analysts forecast that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Wednesday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 25.49%.
Hedge funds have recently made changes to their positions in the stock. Global X Management Co. LLC boosted 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 valued at $110,000 after buying an additional 3,371 shares during the period. Advisory Services Network LLC boosted 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 valued at $112,000 after buying an additional 3,857 shares during the period. Duncker Streett & Co. Inc. boosted 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 valued at $113,000 after buying an additional 20 shares during the period. Acrospire Investment Management LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $112,000. Finally, Atria Investments LLC bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $179,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.
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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