Fifth Third Bancorp (NASDAQ:FITB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $23.00 target price on the financial services provider’s stock. Zacks Investment Research’s price target points to a potential upside of 13.02% from the company’s current price.
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. Moreover, the company is likely to benefit from the ongoing economic recovery, given its diversified traditional banking platform. However, several issues including margin compression amid slow rise in interest rates and strict regulatory landscape remain concerns.”
FITB has been the topic of a number of other research reports. Barclays PLC reissued an “equal weight” rating and set a $21.00 price objective on shares of Fifth Third Bancorp in a report on Sunday, July 10th. Credit Suisse Group AG downgraded shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a 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 objective on the stock in a report on Friday, September 16th. Compass Point raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $23.20 price target on the stock in a report on Wednesday, September 14th. Finally, Credit Agricole SA upped their price target on shares of Fifth Third Bancorp from $19.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, September 23rd. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $20.59.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 20.35 on Tuesday. Fifth Third Bancorp has a one year low of $13.84 and a one year high of $21.14. The stock’s 50 day moving average is $20.11 and its 200-day moving average is $18.53. The firm has a market cap of $15.60 billion, a P/E ratio of 9.91 and a beta of 1.33.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates 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 prior year, the company earned $0.36 EPS. Analysts anticipate that Fifth Third Bancorp will post $1.60 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.13 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.56%. Fifth Third Bancorp’s payout ratio is currently 25.49%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. increased its position in Fifth Third Bancorp by 53.2% in the second quarter. Ameriprise Financial Inc. now owns 13,362,943 shares of the financial services provider’s stock worth $235,080,000 after buying an additional 4,642,322 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Fifth Third Bancorp during the second quarter worth about $66,857,000. Bank of Montreal Can acquired a new position in Fifth Third Bancorp during the second quarter worth about $58,829,000. Glenmede Trust Co. NA increased its position in Fifth Third Bancorp by 2,270.4% in the second quarter. Glenmede Trust Co. NA now owns 1,610,187 shares of the financial services provider’s stock worth $28,322,000 after buying an additional 1,542,259 shares during the last quarter. Finally, Hexavest Inc. increased its position in Fifth Third Bancorp by 28,864.0% in the second quarter. Hexavest Inc. now owns 1,541,464 shares of the financial services provider’s stock worth $27,114,000 after buying an additional 1,536,142 shares during the last quarter. Institutional investors own 79.73% of the company’s stock.
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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