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FITB

Fifth Third

$27.03

-0.15 (-0.55%)

, VNTV

Symbol changed to WP

$63.86

-0.9925 (-1.53%)

11:16
08/08/17
08/08
11:16
08/08/17
11:16

Fifth Third announces agreement to sell Vantiv shares

Fifth Third Bancorp (FITB) announced that it has entered into a transaction agreement with Vantiv (VNTV) pursuant to which Fifth Third Bank has agreed to exercise its right to exchange 19.79M of its Class B Units in Vantiv Holding for 19.79M shares of Vantiv's Class A common stock and Vantiv has agreed to repurchase the newly issued shares of Class A common stock upon issue directly from Fifth Third Bank at a price of $64.04 per share. The repurchase is conditioned on Vantiv publishing a firm offer to acquire Worldpay Group plc and is subject to termination, if among other things, the firm offer is not made by August 31. During the third quarter, Fifth Third expects to recognize a pre-tax gain of approximately $1.0B, or approximately $650M after-tax, related to these transactions. Following the repurchase, Fifth Third is expected to beneficially own approximately 8.6% of Vantiv's equity through its ownership of approximately 15.25M Class B units of Vantiv Holding. Following the closing of the Worldpay acquisition, if it occurs, Fifth Third is expected to beneficially own approximately 4.9% of Vantiv's equity. Consistent with Fifth Third's 2017 CCAR capital plan, Fifth Third currently expects to repurchase common shares from the realized after-tax gains from the transaction. On consummation of the repurchase, Fifth Third will no longer be entitled to appoint a director to Vantiv's board of directors, and consequently Fifth Third's remaining director will resign from Vantiv's board, the bank noted.

FITB

Fifth Third

$27.03

-0.15 (-0.55%)

VNTV

Symbol changed to WP

$63.86

-0.9925 (-1.53%)

  • 08

    Aug

  • 07

    Dec

FITB Fifth Third
$27.03

-0.15 (-0.55%)

03/29/17
COMP
03/29/17
UPGRADE
COMP
Buy
Fifth Third upgraded to Buy from Neutral at Compass Point
03/29/17
COMP
03/29/17
UPGRADE
Target $29
COMP
Buy
Fifth Third upgraded to Buy on valuation at Compass Point
As previously reported Compass Point upgraded Fifth Third to Buy from Neutral and raised its price target to $29 from $28. Analyst Scott Valentin said shares are trading at a discount to the historical range and lifted his capital range assumptions and increased his buyback estimates.
06/05/17
MSCO
06/05/17
NO CHANGE
MSCO
Midcap Bank sector upgraded to In-Line at Morgan Stanley
Morgan Stanley analyst Ken Zerbe upgraded the Midcap Bank sector to In-Line from Cautious citing the group's underperformance year-to-date and better earnings from lower deposit betas. The firm's top picks are SVB Financial (SIVB), Signature Bank (SBNY), KeyBanc (KEY), and Citizens Financial (CFG). Note the analyst upgraded People's United (PBCT) and Prosperity Bancshares (PB) to Equal Weight citing valuations.
06/05/17
06/05/17
UPGRADE
Target $24

Neutral
Fifth Third upgraded to Neutral from Underperform at Baird
As previously reported, Baird analyst David George upgraded Fifth Third to Neutral from Underperform citing valuation. Industry trends and management updates have lowered expectations for Q2 results, noted George, who maintained his $24 price target on Fifth Third shares.
VNTV Symbol changed to WP
$63.86

-0.9925 (-1.53%)

07/13/17
KEYB
07/13/17
UPGRADE
Target $70
KEYB
Overweight
Vantiv upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Josh Beck upgraded Vantiv to Overweight with a $70 price target. A deep dive analysis into the acquisition of Wordpay indicates a $300M synergy opportunity with $3B-plus value creation, Beck tells investors in a research note. He believes year two of the deal could offer a middle- to high-single-digit percentage earnings accretion. The analyst has a $100 bull case for Vantiv shares.
07/17/17
GUGG
07/17/17
UPGRADE
Target $73
GUGG
Buy
Vantiv upgraded to Buy from Neutral at Guggenheim
Guggenheim analyst Jeff Cantwell upgraded Vantiv to Buy and raised his price target for the shares to $73 from $66.
07/17/17
RHCO
07/17/17
NO CHANGE
RHCO
Hold
Vantiv should be held amid pricing concerns, says SunTrust
SunTrust analyst Andrew Jeffrey recommends holding shares of Vantiv (VNTV) on any weakness surrounding a negative report highlighting the company's pricing practices. The analyst recommends adding to positions in Global Payments (GPN) and First Data (FDC). Vantiv and its Mercury unit have been aggressive on pricing, but the practices are tied to value-added technology, not an effort to confuse merchants, Jeffrey tells investors in a research note. The analyst also feels the accusations are "impossible to substantiate." He adds that Global Payments and First Data have not pursued pricing practices similar to Vantiv/Mercury. Jeffrey has a Hold rating on Vantiv. The shares are down 3% to $63.21 after Capitol Forum questioned the company's "deceptive" billings practices.
07/18/17
BARD
07/18/17
NO CHANGE
Target $72
BARD
Outperform
Vantiv shares viewed as good value at Baird
Baird analyst David Koning noted Vantiv responded to yesterday's negative report on pricing and still views the shares as a good value. He admitted pricing comparisons are difficult to assess as client size could be bigger and products could be better. The analyst has also stated in the past that pricing is a mild long-term industry risk, but noted it has been quite stable over the past 10 years. Koning reiterated his Outperform rating and $72 price target on Vantiv shares.

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