Fifth Third Bancorp (NASDAQ:FITB) Stock Rating Lowered by Citigroup

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Citigroup lowered shares of Fifth Third Bancorp (NASDAQ:FITB) from a buy rating to a neutral rating in a research note released on Friday, BenzingaRatingsTable reports. They currently have $30.00 price target on the financial services provider’s stock, down from their prior price target of $31.00.

FITB has been the subject of several other reports. Jefferies Financial Group boosted their target price on T. Rowe Price Group from $103.00 to $119.00 and gave the company a buy rating in a report on Monday, April 1st. Keefe, Bruyette & Woods raised Kearny Financial from an underperform rating to a market perform rating and boosted their target price for the company from $11.50 to $12.50 in a report on Thursday, April 4th. Barclays reduced their target price on Waters from $218.00 to $210.00 and set an equal weight rating for the company in a report on Wednesday, April 24th. BMO Capital Markets raised Gold Fields from a market perform rating to an outperform rating in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. began coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an underweight rating and a $20.48 price objective for the company. Thirteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Fifth Third Bancorp has a consensus rating of Hold and an average price target of $31.27.

Fifth Third Bancorp stock opened at $27.81 on Friday. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $30.31. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $20.71 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.41 and a beta of 1.33. The firm has a 50-day moving average price of $27.47.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the business earned $0.57 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 2.8 earnings per share for the current year.

Fifth Third Bancorp declared that its board has initiated a stock buyback program on Tuesday, June 18th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.24 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.96 annualized dividend and a yield of 3.45%. Fifth Third Bancorp’s payout ratio is presently 37.80%.

In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total transaction of $99,120.89. Following the transaction, the director now owns 50,397 shares in the company, valued at approximately $1,336,024.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. Insiders have sold a total of 6,866 shares of company stock worth $189,070 in the last quarter. 0.40% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whitnell & Co. purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at approximately $28,000. Guidant Wealth Advisors purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Fifth Third Bancorp in the 1st quarter valued at approximately $38,000. First Command Bank lifted its stake in Fifth Third Bancorp by 2,825.0% in the 1st quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,582 shares in the last quarter. Finally, Sandy Spring Bank lifted its stake in Fifth Third Bancorp by 530.0% in the 1st quarter. Sandy Spring Bank now owns 1,783 shares of the financial services provider’s stock valued at $45,000 after buying an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 81.77% 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.

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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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