Fifth Third Bancorp (FITB) Given Market Perform Rating at Sanford C. Bernstein

Sanford C. Bernstein reaffirmed their market perform rating on shares of Fifth Third Bancorp (NASDAQ:FITB) in a report issued on Saturday morning. The brokerage currently has a $31.00 target price on the financial services provider’s stock, up from their previous target price of $29.00.

Several other research analysts have also commented on FITB. BidaskClub lowered shares of Fifth Third Bancorp from a buy rating to a hold rating in a research note on Saturday, August 12th. Keefe, Bruyette & Woods reissued a hold rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Zacks Investment Research lowered shares of Fifth Third Bancorp from a buy rating to a hold rating in a research note on Monday, July 31st. Wells Fargo & Company assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, August 9th. They issued a market perform rating and a $27.00 price target for the company. Finally, BMO Capital Markets reiterated a hold rating and issued a $27.00 price target on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $27.14.

Shares of Fifth Third Bancorp (FITB) traded up 0.80% during midday trading on Friday, hitting $26.52. 7,980,434 shares of the stock traded hands. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97. The company has a market cap of $19.54 billion, a price-to-earnings ratio of 13.44 and a beta of 1.36. The stock has a 50-day moving average of $26.45 and a 200-day moving average of $25.63.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts predict that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.

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Fifth Third Bancorp declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Duncker Streett & Co. Inc. increased its holdings in shares of Fifth Third Bancorp by 0.3% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 17 shares during the period. Assetmark Inc. increased its holdings in shares of Fifth Third Bancorp by 0.7% in the 1st quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 32 shares during the period. Bragg Financial Advisors Inc increased its holdings in shares of Fifth Third Bancorp by 0.4% in the 1st quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock valued at $317,000 after acquiring an additional 55 shares during the period. Catawba Capital Management VA increased its holdings in shares of Fifth Third Bancorp by 0.6% in the 2nd quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 65 shares during the period. Finally, Savant Capital LLC increased its holdings in shares of Fifth Third Bancorp by 0.5% in the 1st quarter. Savant Capital LLC now owns 17,722 shares of the financial services provider’s stock valued at $450,000 after acquiring an additional 87 shares during the period. 79.60% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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