Oppenheimer Equities Analysts Cut Earnings Estimates for Fifth Third Bancorp (FITB)
Fifth Third Bancorp (NASDAQ:FITB) – Oppenheimer decreased their FY2017 EPS estimates for shares of Fifth Third Bancorp in a research note issued to investors on Tuesday, according to Zacks Investment Research. Oppenheimer analyst B. Chittenden now expects that the financial services provider will post earnings per share of $1.78 for the year, down from their previous estimate of $1.79. Oppenheimer currently has a “Hold” rating on the stock.
Several other research firms also recently weighed in on FITB. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. UBS Group reissued a “sell” rating and set a $26.00 target price (up previously from $25.00) on shares of Fifth Third Bancorp in a research report on Friday, October 6th. Bank of America boosted their target price on shares of Fifth Third Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Piper Jaffray Companies reissued a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, October 24th. Finally, Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have given a buy rating to the company’s stock. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $30.70.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.05. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.58 billion. Fifth Third Bancorp had a net margin of 27.08% and a return on equity of 9.65%. During the same quarter in the previous year, the firm earned $0.49 EPS.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Horan Capital Advisors LLC. acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $102,000. Valeo Financial Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $119,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $148,000. Sun Life Financial INC lifted its stake in shares of Fifth Third Bancorp by 55,050.0% in the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 5,505 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Fifth Third Bancorp by 268.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,456 shares of the financial services provider’s stock valued at $196,000 after purchasing an additional 4,706 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, December 28th. Fifth Third Bancorp’s dividend payout ratio is currently 22.46%.
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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.
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