Citigroup Downgrades Fifth Third Bancorp (NASDAQ:FITB) to Neutral

Fifth Third Bancorp (NASDAQ:FITB) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $30.00 price objective on the financial services provider’s stock, down from their prior price objective of $31.00. Citigroup‘s price objective indicates a potential upside of 6.38% from the company’s current price.

FITB has been the subject of several other reports. BMO Capital Markets raised Gold Fields from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 25th. Wedbush reduced their price objective on Express from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, March 14th. BidaskClub raised Zumiez from a “sell” rating to a “hold” rating in a research note on Saturday, June 22nd. Sandler O’Neill raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Finally, Jefferies Financial Group increased their price objective on T. Rowe Price Group from $103.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Fifth Third Bancorp presently has an average rating of “Hold” and an average price target of $31.27.

Shares of FITB stock opened at $28.20 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The firm has a market cap of $20.71 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 1.41 and a beta of 1.33. The stock’s 50 day simple moving average is $27.42. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $30.31.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping 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 prior year, the company posted $0.57 EPS. On average, research analysts forecast that Fifth Third Bancorp will post 2.8 EPS for the current year.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 2,918 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total value of $83,892.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 55,600 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $27.47, for a total value of $1,527,332.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,466 shares of company stock valued at $1,716,402. 0.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FITB. BlackRock Inc. grew its holdings in shares of Fifth Third Bancorp by 16.9% during the 1st quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock worth $1,284,778,000 after purchasing an additional 7,355,944 shares during the period. Norges Bank purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth $161,089,000. The Manufacturers Life Insurance Company grew its holdings in shares of Fifth Third Bancorp by 99.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 4,248,170 shares of the financial services provider’s stock worth $107,138,000 after purchasing an additional 2,121,611 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Fifth Third Bancorp by 2,279.4% during the 1st quarter. Acadian Asset Management LLC now owns 1,843,474 shares of the financial services provider’s stock worth $46,495,000 after purchasing an additional 1,765,998 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Fifth Third Bancorp by 15.4% during the 1st quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock worth $268,268,000 after purchasing an additional 1,416,806 shares during the period. Institutional investors and hedge funds own 81.82% 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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