Fifth Third Bancorp (FITB) Downgraded by BidaskClub

Fifth Third Bancorp (NASDAQ:FITB) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Monday, May 28th.

Several other research firms have also recently weighed in on FITB. Susquehanna Bancshares set a $36.00 price target on Fifth Third Bancorp and gave the company a “hold” rating in a report on Tuesday, April 24th. Nomura raised their price objective on Fifth Third Bancorp from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Wednesday, April 25th. Macquarie raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating in a report on Tuesday, May 22nd. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, April 12th. Finally, Morgan Stanley raised their price objective on Fifth Third Bancorp from $35.00 to $35.50 and gave the company an “equal weight” rating in a report on Monday, April 30th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $32.07.

Shares of NASDAQ:FITB traded down $0.31 on Monday, hitting $30.84. The company’s stock had a trading volume of 5,950,000 shares, compared to its average volume of 5,892,816. Fifth Third Bancorp has a 1 year low of $24.58 and a 1 year high of $34.67. The stock has a market cap of $21.54 billion, a P/E ratio of 11.51, a PEG ratio of 1.61 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.00.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.49. Fifth Third Bancorp had a return on equity of 10.45% and a net margin of 30.14%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the firm posted $0.38 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. equities research analysts expect that Fifth Third Bancorp will post 2.48 EPS for the current fiscal year.

Fifth Third Bancorp declared that its Board of Directors has approved a share buyback program on Tuesday, February 27th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other Fifth Third Bancorp news, EVP Aravind Immaneni sold 4,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, March 19th. The stock was sold at an average price of $33.60, for a total value of $134,400.00. Following the transaction, the executive vice president now directly owns 23,071 shares of the company’s stock, valued at approximately $775,185.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of FITB. Schwab Charles Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 1.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 2,548,718 shares of the financial services provider’s stock worth $77,329,000 after buying an additional 39,733 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Fifth Third Bancorp by 1,402.8% in the 4th quarter. SG Americas Securities LLC now owns 144,867 shares of the financial services provider’s stock worth $4,395,000 after buying an additional 135,227 shares during the last quarter. APG Asset Management N.V. grew its position in shares of Fifth Third Bancorp by 334.2% in the 4th quarter. APG Asset Management N.V. now owns 1,193,299 shares of the financial services provider’s stock worth $30,150,000 after buying an additional 918,500 shares during the last quarter. PGGM Investments grew its position in shares of Fifth Third Bancorp by 170.3% in the 4th quarter. PGGM Investments now owns 896,600 shares of the financial services provider’s stock worth $27,203,000 after buying an additional 564,850 shares during the last quarter. Finally, Fiduciary Trust Co. grew its position in shares of Fifth Third Bancorp by 4.1% in the 4th quarter. Fiduciary Trust Co. now owns 186,852 shares of the financial services provider’s stock worth $5,669,000 after buying an additional 7,301 shares during the last quarter. Hedge funds and other institutional investors own 82.25% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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