Fifth Third Bancorp (NASDAQ:FITB) was downgraded by FIG Partners from an “outperform” rating to a “market perform” rating in a report issued on Monday.
Several other research analysts also recently weighed in on FITB. Nomura downgraded shares of Fifth Third Bancorp from a “neutral” rating to a “reduce” rating in a report on Monday. BidaskClub raised shares of Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a report on Friday, April 27th. Susquehanna Bancshares set a $36.00 target price on shares of Fifth Third Bancorp and gave the stock a “hold” rating in a report on Tuesday, April 24th. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $35.00 to $35.50 and gave the stock an “equal weight” rating in a report on Monday, April 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $35.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, January 24th. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $31.63.
Shares of FITB stock traded down $2.48 during mid-day trading on Monday, reaching $31.08. 6,066,870 shares of the company’s stock traded hands, compared to its average volume of 5,233,747. Fifth Third Bancorp has a 12 month low of $23.20 and a 12 month high of $34.67. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market cap of $23.01 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.74 and a beta of 1.31.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, April 24th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.49. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fifth Third Bancorp had a net margin of 30.14% and a return on equity of 10.45%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. equities research analysts expect that Fifth Third Bancorp will post 2.45 EPS for the current year.
Fifth Third Bancorp declared that its Board of Directors has approved a share buyback program on Tuesday, February 27th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, EVP James C. Leonard sold 35,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $33.80, for a total transaction of $1,183,000.00. Following the transaction, the executive vice president now directly owns 101,091 shares in the company, valued at $3,416,875.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Mark D. Hazel sold 19,324 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $33.37, for a total transaction of $644,841.88. Following the transaction, the senior vice president now owns 57,459 shares in the company, valued at $1,917,406.83. The disclosure for this sale can be found here. Insiders sold a total of 61,892 shares of company stock worth $2,081,783 over the last 90 days. Insiders own 0.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new position in Fifth Third Bancorp during the 4th quarter worth $101,000. Delpha Capital Management LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $107,000. Well Done LLC acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $114,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $148,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $162,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.
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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