Fifth Third Bancorp (NASDAQ:FITB) Upgraded to “Buy” at Jefferies Financial Group

Fifth Third Bancorp (NASDAQ:FITB) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Monday, April 1st, MarketBeat Ratings reports. Jefferies Financial Group also issued estimates for Fifth Third Bancorp’s Q1 2019 earnings at $0.59 EPS, Q2 2019 earnings at $0.71 EPS, Q3 2019 earnings at $0.77 EPS, Q4 2019 earnings at $0.82 EPS, FY2019 earnings at $2.90 EPS and FY2020 earnings at $3.15 EPS.

Several other brokerages have also issued reports on FITB. Citigroup upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and dropped their target price for the company from $37.00 to $29.00 in a research report on Wednesday, January 9th. ValuEngine lowered shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, March 25th. BidaskClub lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, December 13th. Sandler O’Neill raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 11th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $31.67.

Shares of Fifth Third Bancorp stock traded up $0.14 during trading on Monday, hitting $28.40. 6,122,948 shares of the company’s stock were exchanged, compared to its average volume of 7,644,708. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.88. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $34.67. The stock has a market cap of $18.39 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 1.31 and a beta of 1.32.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.67 billion. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. During the same quarter last year, the business earned $0.57 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 2.79 EPS for the current year.

In related news, CAO Teresa J. Tanner sold 55,600 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $27.47, for a total value of $1,527,332.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Frank R. Forrest sold 26,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $26.37, for a total transaction of $685,620.00. Following the completion of the transaction, the executive vice president now owns 62,974 shares of the company’s stock, valued at approximately $1,660,624.38. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $161,089,000. Sanders Capital LLC grew its holdings in Fifth Third Bancorp by 59.6% during the 4th quarter. Sanders Capital LLC now owns 17,818,885 shares of the financial services provider’s stock worth $468,179,000 after acquiring an additional 6,653,168 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Fifth Third Bancorp by 2,225.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,765,315 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 1,689,396 shares in the last quarter. Nordea Investment Management AB grew its holdings in Fifth Third Bancorp by 49.4% during the 3rd quarter. Nordea Investment Management AB now owns 3,763,476 shares of the financial services provider’s stock worth $105,076,000 after acquiring an additional 1,243,646 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Fifth Third Bancorp by 79.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,652,552 shares of the financial services provider’s stock worth $74,060,000 after acquiring an additional 1,172,626 shares in the last quarter. Hedge funds and other institutional investors own 83.82% 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.

See Also: Initial Public Offering (IPO)

Analyst Recommendations for Fifth Third Bancorp (NASDAQ:FITB)

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