Macquarie Downgrades Fifth Third Bancorp (FITB) to Underperform

Macquarie downgraded shares of Fifth Third Bancorp (NASDAQ:FITB) from a neutral rating to an underperform rating in a research note issued to investors on Friday, November 17th, Marketbeat.com reports. They currently have $26.00 target price on the financial services provider’s stock, down from their prior target price of $28.47.

FITB has been the subject of a number of other reports. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a buy rating to a hold rating in a report on Monday, July 31st. BidaskClub lowered Fifth Third Bancorp from a buy rating to a hold rating in a research note on Saturday, August 12th. Robert W. Baird lowered Fifth Third Bancorp from a neutral rating to an underperform rating and set a $24.00 price target on the stock. in a research note on Monday, October 2nd. Nomura upped their target price on Fifth Third Bancorp from $29.00 to $30.00 and gave the company a neutral rating in a research report on Thursday, October 26th. Finally, Oppenheimer restated a hold rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of Hold and a consensus price target of $28.23.

Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at $30.69 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $21,654.29, a price-to-earnings ratio of 17.05, a PEG ratio of 2.55 and a beta of 1.35. Fifth Third Bancorp has a one year low of $23.20 and a one year high of $31.11.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. During the same period in the previous year, the company posted $0.65 earnings per share. sell-side analysts predict that Fifth Third Bancorp will post 1.79 EPS for the current fiscal year.

In related news, EVP Timothy Spence sold 15,000 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total value of $432,900.00. Following the completion of the transaction, the executive vice president now directly owns 154,577 shares in the company, valued at $4,461,092.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Duncker Streett & Co. Inc. raised its stake in Fifth Third Bancorp by 0.3% during the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares in the last quarter. Bollard Group LLC raised its position in shares of Fifth Third Bancorp by 0.6% during the 2nd quarter. Bollard Group LLC now owns 17,906 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 102 shares during the period. Commerce Bank raised its position in shares of Fifth Third Bancorp by 1.0% during the 2nd quarter. Commerce Bank now owns 16,552 shares of the financial services provider’s stock worth $430,000 after purchasing an additional 166 shares during the period. Wesbanco Bank Inc. raised its position in shares of Fifth Third Bancorp by 0.6% during the 2nd quarter. Wesbanco Bank Inc. now owns 32,103 shares of the financial services provider’s stock worth $833,000 after purchasing an additional 200 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Fifth Third Bancorp by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 46,500 shares of the financial services provider’s stock worth $1,207,000 after purchasing an additional 400 shares during the period. 83.97% of the stock is owned by institutional investors.

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Fifth Third Bancorp Company Profile

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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