Sanford C. Bernstein Reaffirms “Market Perform” Rating for Fifth Third Bancorp (FITB)
Sanford C. Bernstein reiterated their market perform rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note issued to investors on Saturday morning. They currently have a $31.00 price objective on the financial services provider’s stock, up from their prior price objective of $29.00.
Several other research analysts have also recently issued reports on FITB. TheStreet cut shares of Fifth Third Bancorp from a b rating to a c+ rating in a report on Friday, May 26th. Keefe, Bruyette & Woods reissued a hold rating and set a $26.50 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. BMO Capital Markets reissued a hold rating and set a $27.00 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Robert W. Baird raised shares of Fifth Third Bancorp from an underperform rating to a neutral rating and set a $24.00 target price for the company in a report on Monday, June 5th. Finally, BidaskClub raised shares of Fifth Third Bancorp from a sell rating to a hold rating in a report on Saturday, June 10th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $27.14.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.87 on Friday. The firm’s 50-day moving average is $26.46 and its 200-day moving average is $25.59. The stock has a market capitalization of $19.80 billion, a price-to-earnings ratio of 13.62 and a beta of 1.36. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $0.40 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Fifth Third Bancorp by 1.1% during the second quarter. Vanguard Group Inc. now owns 57,881,541 shares of the financial services provider’s stock worth $1,502,604,000 after acquiring an additional 639,361 shares during the last quarter. BlackRock Inc. boosted its position in Fifth Third Bancorp by 3,239.3% during the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after acquiring an additional 47,483,352 shares during the last quarter. Sanders Capital LLC boosted its position in Fifth Third Bancorp by 1.4% during the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock worth $354,605,000 after acquiring an additional 189,300 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Fifth Third Bancorp by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,368,466 shares of the financial services provider’s stock worth $269,182,000 after acquiring an additional 431,863 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Fifth Third Bancorp by 87.1% during the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after acquiring an additional 4,332,945 shares during the last quarter. 79.58% of the stock is owned by institutional investors and hedge funds.
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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