Fifth Third Bancorp (NASDAQ:FITB) has been given a consensus rating of “Hold” by the twenty-five brokerages that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $28.13.
A number of research firms have commented on FITB. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Wednesday. UBS AG reiterated a “sell” rating and issued a $26.00 price target (up previously from $25.00) on shares of Fifth Third Bancorp in a research report on Friday, October 6th. Citigroup Inc. reiterated a “neutral” rating and issued a $31.00 price target (up previously from $28.00) on shares of Fifth Third Bancorp in a research report on Monday. Instinet reiterated a “neutral” rating and issued a $29.00 price target (up previously from $28.00) on shares of Fifth Third Bancorp in a research report on Saturday, September 30th. Finally, Robert W. Baird lowered Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price target on the stock. in a research report on Monday, October 2nd.
Fifth Third Bancorp (NASDAQ FITB) opened at 28.26 on Thursday. The firm has a market cap of $20.82 billion, a price-to-earnings ratio of 14.32 and a beta of 1.37. The stock’s 50 day moving average price is $26.95 and its 200 day moving average price is $25.75. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. Fifth Third Bancorp’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current year.
Fifth Third Bancorp declared that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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 paid 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 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is 32.49%.
In related news, EVP Frank R. Forrest sold 7,004 shares of the company’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 transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Park National Corp OH raised its stake in Fifth Third Bancorp by 13.3% during the 3rd quarter. Park National Corp OH now owns 68,947 shares of the financial services provider’s stock worth $1,929,000 after buying an additional 8,082 shares during the period. Toronto Dominion Bank raised its stake in Fifth Third Bancorp by 25.3% during the 2nd quarter. Toronto Dominion Bank now owns 254,772 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 51,384 shares during the period. Archford Capital Strategies LLC raised its stake in Fifth Third Bancorp by 19,333.3% during the 2nd quarter. Archford Capital Strategies LLC now owns 9,328 shares of the financial services provider’s stock worth $1,429,000 after buying an additional 9,280 shares during the period. Afam Capital Inc. raised its stake in Fifth Third Bancorp by 1.5% during the 2nd quarter. Afam Capital Inc. now owns 222,679 shares of the financial services provider’s stock worth $5,781,000 after buying an additional 3,336 shares during the period. Finally, Koch Industries Inc. acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $325,000. 79.58% of the stock is currently owned by institutional investors and hedge funds.
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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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