Fifth Third Bancorp (FITB) Receives Consensus Rating of “Hold” from Analysts
Shares of Fifth Third Bancorp (NASDAQ:FITB) have received an average recommendation of “Hold” from the twenty-one research firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $32.00.
Several research firms have recently commented on FITB. Wedbush set a $34.00 target price on Fifth Third Bancorp and gave the company a “buy” rating in a report on Thursday, September 20th. Morgan Stanley decreased their price objective on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. BidaskClub raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, October 5th. Raymond James raised Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Wednesday, October 31st. They noted that the move was a valuation call. Finally, Piper Jaffray Companies set a $31.00 price objective on Fifth Third Bancorp and gave the stock a “hold” rating in a report on Monday, October 29th.
Institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in Fifth Third Bancorp by 4.1% in the 3rd quarter. Legal & General Group Plc now owns 3,362,439 shares of the financial services provider’s stock valued at $93,883,000 after purchasing an additional 131,059 shares during the last quarter. PGGM Investments grew its position in shares of Fifth Third Bancorp by 15.7% in the 3rd quarter. PGGM Investments now owns 1,152,642 shares of the financial services provider’s stock worth $32,182,000 after buying an additional 156,042 shares during the period. Reinhart Partners Inc. lifted its stake in Fifth Third Bancorp by 6.5% during the 3rd quarter. Reinhart Partners Inc. now owns 590,970 shares of the financial services provider’s stock valued at $16,500,000 after acquiring an additional 35,816 shares during the period. Deprince Race & Zollo Inc. increased its holdings in Fifth Third Bancorp by 20.5% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 660,661 shares of the financial services provider’s stock worth $18,446,000 after acquiring an additional 112,499 shares in the last quarter. Finally, Banco Santander S.A. bought a new stake in Fifth Third Bancorp in the third quarter worth $875,000. Hedge funds and other institutional investors own 81.85% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. During the same quarter in the previous year, the firm posted $1.35 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 2.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.51%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, December 28th. Fifth Third Bancorp’s dividend payout ratio is 32.84%.
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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