Fifth Third Bancorp (NASDAQ:FITB) Downgraded by Odeon Capital Group

Odeon Capital Group cut shares of Fifth Third Bancorp (NASDAQ:FITB) from a buy rating to a hold rating in a report issued on Monday morning, The Fly reports.

Other research analysts also recently issued reports about the company. Jefferies Financial Group reiterated a buy rating and issued a $46.00 price target on shares of Fifth Third Bancorp in a report on Friday, May 7th. Citigroup started coverage on Fifth Third Bancorp in a research note on Friday, July 16th. They set a hold rating and a $36.73 target price on the stock. Stephens boosted their target price on Fifth Third Bancorp from $36.00 to $46.00 and gave the stock an overweight rating in a research note on Tuesday, March 30th. Barclays boosted their target price on Fifth Third Bancorp from $37.00 to $43.00 and gave the stock an overweight rating in a research note on Wednesday, April 7th. Finally, Zacks Investment Research downgraded Fifth Third Bancorp from a buy rating to a hold rating and set a $44.00 target price on the stock. in a research note on Tuesday, May 11th. Eight research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fifth Third Bancorp has a consensus rating of Buy and a consensus target price of $38.71.

NASDAQ FITB opened at $36.88 on Monday. The stock has a market cap of $25.96 billion, a PE ratio of 13.56, a PEG ratio of 1.20 and a beta of 1.56. Fifth Third Bancorp has a 1-year low of $18.25 and a 1-year high of $43.06. The company’s 50 day moving average price is $39.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.91 and a quick ratio of 0.87.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.69 by $0.24. Fifth Third Bancorp had a return on equity of 10.84% and a net margin of 25.12%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same period last year, the business posted $0.04 EPS. Equities analysts predict that Fifth Third Bancorp will post 3.48 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, June 29th. This represents a $1.08 annualized dividend and a yield of 2.93%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 50.00%.

In other news, EVP Kristine R. Garrett sold 3,700 shares of the company’s stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $39.10, for a total value of $144,670.00. Following the completion of the sale, the executive vice president now directly owns 53,403 shares in the company, valued at $2,088,057.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mitchell Feiger sold 104,044 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $40.82, for a total value of $4,247,076.08. Over the last quarter, insiders have sold 135,079 shares of company stock valued at $5,529,625. 0.66% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Fifth Third Bancorp during the fourth quarter worth $217,028,000. Nuveen Asset Management LLC lifted its stake in Fifth Third Bancorp by 46.4% during the fourth quarter. Nuveen Asset Management LLC now owns 8,083,824 shares of the financial services provider’s stock worth $222,870,000 after purchasing an additional 2,563,567 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Fifth Third Bancorp by 40.0% in the first quarter. Alliancebernstein L.P. now owns 6,382,347 shares of the financial services provider’s stock valued at $239,019,000 after acquiring an additional 1,822,728 shares in the last quarter. Morgan Stanley raised its stake in shares of Fifth Third Bancorp by 61.3% in the fourth quarter. Morgan Stanley now owns 4,681,943 shares of the financial services provider’s stock valued at $129,081,000 after acquiring an additional 1,779,324 shares in the last quarter. Finally, Mariner LLC raised its stake in shares of Fifth Third Bancorp by 1,064.3% in the first quarter. Mariner LLC now owns 1,143,317 shares of the financial services provider’s stock valued at $42,818,000 after acquiring an additional 1,045,121 shares in the last quarter. Hedge funds and other institutional investors own 79.13% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.

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