Fifth Third Bancorp (FITB) Downgraded by Zacks Investment Research
According to Zacks, “Fifth Third’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. We remain encouraged by its ongoing strategic efforts which are likely to boost its efficiency and revenue in the long run. Further, the company remains on track to achieve $65 million in expense savings from branch divestitures. In Sep 2016, management announced it plans to consolidate or sell an additional 44 branches and five parcels of land beginning next year. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
FITB has been the topic of several other research reports. Keefe, Bruyette & Woods cut shares of Fifth Third Bancorp from an outperform rating to a market perform rating and boosted their price target for the company from $20.50 to $21.00 in a research report on Monday, October 3rd. Barclays PLC reissued an equal weight rating and set a $21.00 price target on shares of Fifth Third Bancorp in a research report on Sunday, July 10th. Credit Suisse Group AG cut shares of Fifth Third Bancorp from an outperform rating to a market perform rating in a research report on Wednesday, July 6th. Rafferty Capital Markets raised shares of Fifth Third Bancorp from a hold rating to a buy rating and set a $24.00 price target on the stock in a research report on Friday, September 16th. Finally, Jefferies Group cut shares of Fifth Third Bancorp from a buy rating to a hold rating and boosted their price target for the company from $19.50 to $22.00 in a research report on Friday, October 7th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $20.64.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.37 on Friday. The stock has a market cap of $15.61 billion, a P/E ratio of 9.92 and a beta of 1.33. Fifth Third Bancorp has a 52 week low of $13.84 and a 52 week high of $21.14. The stock has a 50 day moving average of $20.32 and a 200 day moving average of $18.68.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results 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 net margin of 23.36% and a return on equity of 9.25%. During the same quarter in the previous year, the firm posted $0.36 EPS. On average, analysts expect that Fifth Third Bancorp will post $1.60 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Wednesday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 25.49%.
Institutional investors have recently made changes to their positions in the stock. Deprince Race & Zollo Inc. increased its position in shares of Fifth Third Bancorp by 0.3% in the second quarter. Deprince Race & Zollo Inc. now owns 3,024,678 shares of the financial services provider’s stock worth $53,204,000 after buying an additional 8,448 shares during the period. Geode Capital Management LLC increased its stake in Fifth Third Bancorp by 0.6% in the first quarter. Geode Capital Management LLC now owns 6,981,349 shares of the financial services provider’s stock valued at $116,300,000 after buying an additional 44,688 shares during the last quarter. Endeavour Capital Advisors Inc. increased its stake in Fifth Third Bancorp by 2.8% in the first quarter. Endeavour Capital Advisors Inc. now owns 1,768,468 shares of the financial services provider’s stock valued at $29,516,000 after buying an additional 48,253 shares during the last quarter. National Pension Service increased its stake in Fifth Third Bancorp by 4.5% in the first quarter. National Pension Service now owns 501,999 shares of the financial services provider’s stock valued at $8,378,000 after buying an additional 21,808 shares during the last quarter. Finally, Standard Life Investments LTD increased its stake in Fifth Third Bancorp by 1.2% in the second quarter. Standard Life Investments LTD now owns 3,777,164 shares of the financial services provider’s stock valued at $66,421,000 after buying an additional 44,440 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.