Oppenheimer Holdings, Inc. Reaffirms “Hold” Rating for Fifth Third Bancorp (NASDAQ:FITB)
Fifth Third Bancorp (NASDAQ:FITB)‘s stock had its “hold” rating reiterated by equities research analysts at Oppenheimer Holdings, Inc. in a report issued on Saturday.
Other equities analysts have also issued reports about the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a research report on Thursday, May 18th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $26.24.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 2.71% during mid-day trading on Friday, hitting $26.18. The company had a trading volume of 9,418,838 shares. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 13.27 and a beta of 1.37. Fifth Third Bancorp has a 52-week low of $18.16 and a 52-week high of $28.97. The stock’s 50-day moving average is $25.41 and its 200-day moving average is $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post $1.79 earnings per share for the current year.
Fifth Third Bancorp declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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In other news, CAO Teresa J. Tanner sold 54,984 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $24.88, for a total value of $1,368,001.92. Following the transaction, the chief accounting officer now directly owns 41,286 shares of the company’s stock, valued at $1,027,195.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Teresa J. Tanner sold 26,010 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $24.90, for a total transaction of $647,649.00. Following the completion of the transaction, the chief accounting officer now directly owns 41,286 shares in the company, valued at $1,028,021.40. The disclosure for this sale can be found here. Insiders sold 109,315 shares of company stock worth $2,716,947 over the last ninety days. 0.38% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Assetmark Inc. increased its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its stake in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. boosted its stake in shares of Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth about $167,000. 80.47% of the stock is currently owned by institutional investors and hedge funds.
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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