Fifth Third Bancorp (FITB) Downgraded to Market Perform at Keefe, Bruyette & Woods
Fifth Third Bancorp (NASDAQ:FITB) was downgraded by stock analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, The Fly reports.
A number of other brokerages have also recently commented on FITB. Evercore ISI cut shares of Fifth Third Bancorp to a “hold” rating and set a $18.00 price objective for the company. in a research note on Friday, July 15th. Citigroup Inc. lifted their price objective on shares of Fifth Third Bancorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, June 6th. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Wednesday, June 15th. Credit Suisse Group AG reissued a “sell” rating on shares of Fifth Third Bancorp in a research note on Tuesday, July 12th. Finally, Oppenheimer Holdings Inc. cut shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $20.48.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.54% during midday trading on Monday, reaching $20.35. 6,020,699 shares of the company’s stock were exchanged. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $21.14. The stock’s 50 day moving average price is $20.08 and its 200 day moving average price is $18.49. The company has a market cap of $15.60 billion, a price-to-earnings ratio of 9.91 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. Fifth Third Bancorp had a net margin of 23.36% and a return on equity of 9.25%. During the same period in the previous year, the company posted $0.36 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 2.56%. Fifth Third Bancorp’s dividend payout ratio is currently 25.49%.
Large investors have recently bought and sold shares of the stock. Global X Management Co. LLC raised its position in Fifth Third Bancorp by 117.7% in the second quarter. Global X Management Co. LLC now owns 6,234 shares of the financial services provider’s stock valued at $110,000 after buying an additional 3,371 shares during the period. Acrospire Investment Management LLC purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $112,000. Advisory Services Network LLC raised its position in Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock valued at $112,000 after buying an additional 3,857 shares during the period. Duncker Streett & Co. Inc. raised its position in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,419 shares of the financial services provider’s stock valued at $113,000 after buying an additional 20 shares during the period. Finally, Stratos Wealth Partners LTD. purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $178,000. Institutional investors and hedge funds own 79.73% of the company’s stock.
Fifth Third Bancorp Company Profile
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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