Fifth Third Bancorp (NASDAQ:FITB) Downgraded by Citigroup

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

FITB has been the subject of several other research reports. BidaskClub upgraded shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. Wells Fargo & Co upgraded shares of Medtronic from a market perform rating to an outperform rating and boosted their price target for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. UBS Group boosted their price target on shares of W. R. Berkley from $53.00 to $56.00 and gave the stock a sell rating in a research note on Wednesday, April 24th. Zacks Investment Research downgraded shares of Heritage Insurance from a hold rating to a strong sell rating in a research note on Friday, April 26th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Pinduoduo in a research note on Tuesday, July 9th. They issued an underweight rating and a $20.48 price target for the company. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $31.27.

Fifth Third Bancorp stock opened at $28.20 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 firm has a 50 day moving average of $27.42. The firm has a market cap of $20.71 billion, a P/E ratio of 10.89, a PEG ratio of 1.41 and a beta of 1.33.

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 net margin of 26.80% and a return on equity of 11.77%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm earned $0.57 EPS. As a group, research analysts predict that Fifth Third Bancorp will post 2.8 earnings per share for the current year.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.24 dividend. The ex-dividend date is Thursday, June 27th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.40%. Fifth Third Bancorp’s payout ratio is 37.80%.

In related news, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the sale, the director now directly owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total transaction of $83,892.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,866 shares of company stock valued at $189,070. 0.40% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Trust Department MB Financial Bank N A purchased a new stake in Fifth Third Bancorp in the first quarter valued at $10,833,000. Lord Abbett & CO. LLC grew its position in Fifth Third Bancorp by 0.7% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,256,200 shares of the financial services provider’s stock worth $29,558,000 after buying an additional 9,200 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Fifth Third Bancorp by 4.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 1,161,871 shares of the financial services provider’s stock valued at $29,302,000 after buying an additional 49,174 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Fifth Third Bancorp during the fourth quarter worth approximately $305,000. Finally, Parametric Portfolio Associates LLC raised its stake in Fifth Third Bancorp by 7.3% during the first quarter. Parametric Portfolio Associates LLC now owns 4,511,079 shares of the financial services provider’s stock worth $113,769,000 after purchasing an additional 308,735 shares during the period. 81.77% 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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Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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