Fifth Third Bancorp (FITB) Receives Outperform Rating from Wedbush
Wedbush restated their outperform rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a research note published on Thursday. Wedbush also issued estimates for Fifth Third Bancorp’s Q3 2019 earnings at $0.75 EPS, Q4 2019 earnings at $0.78 EPS, FY2019 earnings at $2.83 EPS and FY2020 earnings at $3.26 EPS.
FITB has been the subject of a number of other reports. BidaskClub cut shares of Fifth Third Bancorp from a hold rating to a sell rating in a research report on Thursday, February 28th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a hold rating to a buy rating and set a $30.00 target price for the company in a research report on Tuesday. ValuEngine cut shares of Fifth Third Bancorp from a hold rating to a sell rating in a research report on Wednesday, January 30th. Citigroup upgraded shares of Fifth Third Bancorp from a neutral rating to a buy rating and reduced their target price for the company from $37.00 to $29.00 in a research report on Wednesday, January 9th. Finally, Stephens upgraded shares of Fifth Third Bancorp from an equal weight rating to an overweight rating in a research report on Thursday, December 20th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $31.27.
NASDAQ:FITB traded up $0.02 during trading hours on Thursday, reaching $28.43. 2,693,095 shares of the company were exchanged, compared to its average volume of 6,034,169. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $18.07 billion, a PE ratio of 11.19, a P/E/G ratio of 1.30 and a beta of 1.33. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $34.67.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Thursday, March 28th. Fifth Third Bancorp’s dividend payout ratio is currently 34.65%.
In related news, EVP Frank R. Forrest sold 26,000 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $26.37, for a total value of $685,620.00. Following the completion of the sale, the executive vice president now owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. SRS Capital Advisors Inc. boosted its stake in Fifth Third Bancorp by 82.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock worth $25,000 after buying an additional 487 shares during the period. JOYN Advisors Inc. boosted its stake in Fifth Third Bancorp by 38.6% during the fourth quarter. JOYN Advisors Inc. now owns 1,722 shares of the financial services provider’s stock worth $41,000 after buying an additional 480 shares during the period. Executive Wealth Management LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $69,000. Lindbrook Capital LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $75,000. Finally, Kinneret Advisory LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $80,000. 82.08% of the stock is owned by hedge funds and other institutional investors.
About Fifth Third Bancorp
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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