Fifth Third Bancorp (FITB) Coverage Initiated at Wedbush
Equities research analysts at Wedbush began coverage on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note issued to investors on Thursday. The firm set a “neutral” rating and a $22.00 price target on the financial services provider’s stock. Wedbush’s price objective points to a potential upside of 6.33% from the company’s previous close.
Several other research firms have also issued reports on FITB. Evercore ISI lowered 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. Stephens lowered Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 5th. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a research note on Wednesday, June 15th. Credit Suisse Group AG restated a “sell” rating on shares of Fifth Third Bancorp in a research note on Tuesday, July 12th. Finally, Oppenheimer Holdings Inc. lowered Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $20.64.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.69 on Thursday. Fifth Third Bancorp has a one year low of $13.84 and a one year high of $21.14. The firm has a 50-day moving average of $20.25 and a 200-day moving average of $18.61. The firm has a market capitalization of $15.86 billion, a P/E ratio of 10.08 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same quarter last year, the company earned $0.36 earnings per share. On average, equities analysts predict that Fifth Third Bancorp will post $1.60 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.51%. The ex-dividend date is Wednesday, September 28th. Fifth Third Bancorp’s payout ratio is 25.49%.
A number of large investors have recently added to or reduced their stakes in FITB. Ngam Advisors L.P. raised its position in Fifth Third Bancorp by 45.7% in the first quarter. Ngam Advisors L.P. now owns 199,013 shares of the financial services provider’s stock valued at $3,322,000 after buying an additional 62,384 shares during the period. Stratos Wealth Partners LTD. bought a new position in Fifth Third Bancorp during the first quarter valued at $178,000. BlackRock Group LTD raised its position in Fifth Third Bancorp by 1.4% in the first quarter. BlackRock Group LTD now owns 6,582,956 shares of the financial services provider’s stock valued at $109,869,000 after buying an additional 94,050 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Fifth Third Bancorp by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 20,366,757 shares of the financial services provider’s stock valued at $339,921,000 after buying an additional 81,851 shares during the period. Finally, Sentry Investment Management LLC raised its position in Fifth Third Bancorp by 5.5% in the first quarter. Sentry Investment Management LLC now owns 60,048 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 3,120 shares during the period. Hedge funds and other institutional investors own 79.73% of the company’s stock.
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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