A number of other research analysts have also recently weighed in on FITB. Wedbush lifted their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the company an outperform rating in a research report on Wednesday, July 24th. Citigroup lowered their price objective on Fifth Third Bancorp from $30.00 to $27.00 and set a neutral rating on the stock in a research report on Wednesday, October 9th. Bank of America raised Fifth Third Bancorp from a neutral rating to a buy rating and set a $30.00 price objective on the stock in a research report on Friday, October 11th. They noted that the move was a valuation call. Morgan Stanley lowered their price objective on Fifth Third Bancorp from $32.00 to $31.00 and set an equal weight rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Fifth Third Bancorp from $32.00 to $30.50 and set a neutral rating on the stock in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $31.17.
Shares of FITB stock traded down $0.21 during trading hours on Tuesday, reaching $28.09. 2,220,499 shares of the company traded hands, compared to its average volume of 4,630,473. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $20.47 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.39 and a beta of 1.38. The firm has a 50-day moving average price of $27.18 and a 200 day moving average price of $27.38.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the firm earned $0.64 EPS. Sell-side analysts predict that Fifth Third Bancorp will post 2.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.24 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.42%. Fifth Third Bancorp’s dividend payout ratio is presently 37.80%.
In other news, Director Evan Bayh acquired 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $25.93 per share, with a total value of $103,720.00. Following the acquisition, the director now directly owns 48,517 shares of the company’s stock, valued at $1,258,045.81. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Timothy Spence sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total value of $137,600.00. Following the sale, the executive vice president now directly owns 152,672 shares in the company, valued at $4,201,533.44. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Covington Capital Management purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $25,000. NEXT Financial Group Inc raised its holdings in shares of Fifth Third Bancorp by 53.9% during the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 443 shares in the last quarter. CWM LLC raised its holdings in shares of Fifth Third Bancorp by 47.7% during the 2nd quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 495 shares in the last quarter. CSat Investment Advisory L.P. raised its holdings in shares of Fifth Third Bancorp by 179.1% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,121 shares in the last quarter. Finally, Clear Perspective Advisors LLC purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $57,000. 78.11% of the stock is currently owned by institutional investors and hedge funds.
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.
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