Robert W. Baird upgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from an underperform rating to a neutral rating in a research note released on Tuesday morning, MarketBeat.com reports. The firm currently has $32.00 price objective on the financial services provider’s stock.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research upgraded Fifth Third Bancorp from a hold rating to a buy rating and set a $36.00 price target for the company in a research note on Wednesday, March 28th. Vining Sparks restated a buy rating and set a $37.00 price target on shares of Fifth Third Bancorp in a research note on Friday, April 6th. BidaskClub cut Fifth Third Bancorp from a strong-buy rating to a buy rating in a research note on Wednesday, April 18th. Morgan Stanley upped their price target on Fifth Third Bancorp from $34.00 to $35.00 and gave the stock an equal weight rating in a research note on Friday, January 26th. Finally, BMO Capital Markets restated a hold rating and set a $36.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $31.78.
Fifth Third Bancorp opened at $31.89 on Tuesday, MarketBeat.com reports. 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 $21.18 billion, a PE ratio of 15.22, a P/E/G ratio of 1.60 and a beta of 1.31.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.49. Fifth Third Bancorp had a return on equity of 10.45% and a net margin of 30.14%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. sell-side analysts anticipate that Fifth Third Bancorp will post 2.45 EPS for the current fiscal year.
Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase plan on Tuesday, February 27th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, SVP Mark D. Hazel sold 19,324 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $33.37, for a total value of $644,841.88. Following the completion of the transaction, the senior vice president now owns 57,459 shares in the company, valued at $1,917,406.83. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Aravind Immaneni sold 4,000 shares of the firm’s stock in a transaction on Monday, March 19th. The shares were sold at an average price of $33.60, for a total value of $134,400.00. Following the completion of the transaction, the executive vice president now owns 23,071 shares of the company’s stock, valued at approximately $775,185.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,892 shares of company stock valued at $898,783. Company insiders own 0.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Icon Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $101,000. Delpha Capital Management LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $107,000. Well Done LLC purchased a new position in shares of Fifth Third Bancorp in the first quarter valued at $114,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $148,000. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at $162,000. Institutional investors and hedge funds own 82.29% of the company’s stock.
Fifth Third Bancorp Company Profile
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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