Fifth Third Bancorp (FITB) Downgraded by Robert W. Baird to Underperform
Robert W. Baird lowered shares of Fifth Third Bancorp (NASDAQ:FITB) from a neutral rating to an underperform rating in a research report sent to investors on Monday morning. Robert W. Baird currently has $24.00 price objective on the financial services provider’s stock.
Several other research firms have also issued reports on FITB. Instinet lifted their price objective on shares of Fifth Third Bancorp from $27.00 to $28.00 and gave the company a neutral rating in a research note on Friday, June 30th. Morgan Stanley reissued an equal weight rating and set a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Deutsche Bank AG restated a hold rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. TheStreet upgraded Fifth Third Bancorp from a c+ rating to a b rating in a report on Friday, June 23rd. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $27.81.
Shares of Fifth Third Bancorp (FITB) opened at 27.87 on Monday. The company’s 50-day moving average is $26.64 and its 200-day moving average is $25.62. The stock has a market capitalization of $20.53 billion, a PE ratio of 14.13 and a beta of 1.37. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. Equities research analysts expect that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.16 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 32.49%.
Fifth Third Bancorp announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.38% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Fifth Third Bancorp by 1.1% during the second quarter. Vanguard Group Inc. now owns 57,881,541 shares of the financial services provider’s stock worth $1,502,604,000 after purchasing an additional 639,361 shares during the last quarter. BlackRock Inc. lifted its position in Fifth Third Bancorp by 3,239.3% during the 1st quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after buying an additional 47,483,352 shares in the last quarter. Sanders Capital LLC lifted its position in Fifth Third Bancorp by 1.4% during the 1st quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock worth $354,605,000 after buying an additional 189,300 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Fifth Third Bancorp by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,368,466 shares of the financial services provider’s stock worth $269,182,000 after buying an additional 431,863 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Fifth Third Bancorp by 87.1% during the 1st quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after buying an additional 4,332,945 shares in the last quarter. 79.58% of the stock is owned by hedge funds and other institutional investors.
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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