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FITB

Fifth Third

$25.85

0.17 (0.66%)

, VNTV

Vantiv

$59.73

0.41 (0.69%)

08:16
11/22/16
11/22
08:16
11/22/16
08:16

Fifth Third announces net exercise of Vantiv warrant, associated secondary

On November 21, Vantiv (VNTV) conducted a secondary offering of 4.8M shares of its Class A common stock on behalf of Fifth Third (FITB). Vantiv is also concurrently repurchasing 850,000 shares of Vantiv Class A common stock from Fifth Third. The 5.65M shares being sold by Fifth Third through these transactions were obtained through the net exercise of the entire remaining warrant position in Vantiv Holding, and the exchange of those Vantiv Holding units for Class A shares of common stock in Vantiv, Inc. The warrant position gave Fifth Third the right to purchase approximately 7.8M Class C units at a $15.98 strike price, which was settled through the net issuance of 5.65M units. The exercise of the entire remaining warrant will also serve to reduce the volatility of Fifth Third's earnings by eliminating fair value adjustments related to the warrant, said the company. During the fourth quarter, Fifth Third expects to recognize a pre-tax gain of approximately $9M, or approximately $6M after tax, related to these transactions. It will also add approximately 4 bps to Fifth Third's Common Equity Tier 1 ratio. Following the offering and concurrent repurchase of shares by Vantiv, Fifth Third will beneficially own approximately 17.9% of Vantiv's equity through its ownership of approximately 35 million Class B units of Vantiv Holding. "We continue to take a deliberate and thoughtful approach to reducing our ownership interests in Vantiv. Since the sale of a majority interest in Vantiv in 2009, the warrant position has generated approximately $528M in after-tax value for Fifth Third's shareholders," said Greg Carmichael, Chief Executive Officer of Fifth Third."

FITB

Fifth Third

$25.85

0.17 (0.66%)

VNTV

Vantiv

$59.73

0.41 (0.69%)

  • 22

    Nov

FITB Fifth Third
$25.85

0.17 (0.66%)

11/16/16
BERN
11/16/16
DOWNGRADE
BERN
Market Perform
Fifth Third downgraded based on valuation at Bernstein
As noted earlier, Bernstein downgraded Fifth Third to Market Perform from Outperform. Analyst Kevin St. Pierre downgraded the stock, along with several other mid-cap banks, based on valuation. He says that mid-cap bank stocks have risen 33% since their June trough, entirely based on multiple expansion ,and he "struggles to find compelling upside" in any of them at these historically high levels. Fifth Third price target to $26 from $23.
11/16/16
BARD
11/16/16
DOWNGRADE
Target $21
BARD
Underperform
Fifth Third downgraded to Underperform from Neutral at Baird
Baird analyst David George downgraded Fifth Third to Underperform from Neutral as he thinks shares now reflect most of the benefit from the company's Project North Star efficiency program and that, more broadly, the post-election rally has largely discounted the potential benefits of rising interest rates, lower taxes, and more aggressive capital return in the bank space. However, he raised his price target for Fifth Third shares to $21 from $19.
11/16/16
11/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Sysco (SYY) downgraded to Neutral from Outperform at Credit Suisse with analyst Edward Kelly saying Sysco shares are up 50% over the last 18 months and now views risk/reward as balanced. 2. Teva (TEVA) downgraded to Hold from Buy at Jefferies, to Equal Weight from Overweight at Morgan Stanley, and to Neutral from Buy at BTIG. 3. Bank of America (BAC) Capital One (COF) downgraded to Neutral from Outperform at Baird while the firm downgraded Fifth Third (FITB) to Underperform from Neutral. 4. Zions Bancorp (ZION) downgraded to Equal Weight from Overweight at Morgan Stanley and to Market Perform from Outperform at Bernstein. 5. Yingli Green Energy (YGE) downgraded to Sell from Buy at Axiom while the firm downgraded SolarCity (SCTY) and JA Solar (JASO) to Sell from Hold. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/18/16
COMP
11/18/16
DOWNGRADE
Target $25.5
COMP
Neutral
Fifth Third downgraded to Neutral from Buy at Compass Point
Compass Point analyst Scott Valentin downgraded Fifth Third to Hold and raised its price target to $25.50 from $23 on valuation and said Trumps victory has pushed bank stocks to new near-term highs.
VNTV Vantiv
$59.73

0.41 (0.69%)

09/14/16
SBSH
09/14/16
NO CHANGE
SBSH
Citi moves Vantiv up to top pick in processor space
Citi analyst Ashwin Shirvaikar shuffled his rankings in the processor space by moving Vantiv (VNTV) up to his pick from third place. Fidelity National Information (FIS) is his second pick, followed by previous top pick TSYS (TSS) and PayPal (PYPL). Shirvaikar keeps a Buy rating on TSYS but lowered his price target for the shares to $60 from $63. Top-line growth deceleration is happening sooner than expected, the analyst tells investors in a research note.
10/05/16
10/05/16
DOWNGRADE

Equal Weight
Fifth Third downgraded to Equal Weight at Stephens
As previously reported, Stephens analyst Terry McEvoy downgraded Fifth Third (FITB) to Equal Weight from Overweight on valuation. The analyst now sees the underlying value and capital flexibility from the company's investment in Vantiv (VNTV) as being largely reflected in the stock's valuation and have more comfort in future expense trends. Given the outperformance at Fifth Third, McEvoy believes investors should take profits and move into KeyCorp (KEY).
11/11/16
11/11/16
NO CHANGE

Vantiv acquisition positive, says Pacific Crest
Pacific Crest analyst Josh Beck says that Vantiv's acquisition of Moneris USA is logical from a strategic perspective and exposes Vantiv to high growth businesses. The analyst says that the deal could result in synergies for Vantiv. He keeps a $65 price target and an Outperform rating on the shares.
11/15/16
JEFF
11/15/16
NO CHANGE
JEFF
Jefferies sees attractive entry points for Payments stocks
Payments stocks Visa (V), MasterCard (MA), PayPal (PYPL), Global Payments (GPN), Vantiv (VNTV) have been big underperformers since Election Day as investors rotate into core Financials, Jefferies analyst Jason Kupferberg tells investors in a research note. The corrections of up to 10% are not warranted fundamentally, the analyst contends. Kupferberg sees attractive entry points at current levels and highlights PayPal and Visa as his top picks.

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