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MBFI

MB Financial

$47.37

(0.00%)

, FITB

Fifth Third

$28.70

-0.01 (-0.03%)

09:50
09/18/18
09/18
09:50
09/18/18
09:50

MB Financial receives shareholder approval for merger with Fifth Third

MB Financial (MBFI) announced that it received the requisite approvals of its common stockholders for the company's pending merger with Fifth Third Bancorp (FITB) at a special meeting of the company's stockholders. Detailed voting results will be provided in a Current Report on Form 8-K to be filed by the company with the SEC within the next four business days. Completion of the merger remains subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, each outstanding share of the Company's common stock will be converted into the right to receive 1.45 shares of Fifth Third common stock and $5.54 in cash. Because the preferred stockholders of the Company did not return enough votes to reach the two-thirds majority to approve a merger of the Company into one of Fifth Third's subsidiaries, the Company will become a subsidiary of Fifth Third and each outstanding share of the Company's preferred stock will remain outstanding as preferred stock of the Company. The transaction is expected to close in the first quarter of 2019.

MBFI

MB Financial

$47.37

(0.00%)

FITB

Fifth Third

$28.70

-0.01 (-0.03%)

  • 18

    Sep

  • 23

    Oct

MBFI MB Financial
$47.37

(0.00%)

06/04/18
RHCO
06/04/18
DOWNGRADE
Target $52
RHCO
Hold
MB Financial downgraded to Hold from Buy at SunTrust
SunTrust analyst Michael Young downgraded MB Financial (MBFI) to Hold from Buy due to the pending acquisition by Fifth Third Bancorp (FITB). He raised his price target to $52 from $48 based on the announced acquisition terms.
06/08/18
SPHN
06/08/18
DOWNGRADE
SPHN
Equal Weight
First Midwest downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Terry McEvoy downgraded First Midwest (FMBI) to Equal Weight from Overweight, stating that he feels that First Midwest has benefited from speculation around the potential for a future sale since the announcement of MB Financial's (MBFI) sale to a large regional bank. While First Midwest still stands to benefit from MB-related market disruption, the impacts won't be felt until 2019 and First Midwest "isn't selling anytime soon," McEvoy tells investors. He maintains his $28 price target on First Midwest shares.
06/14/18
ARGS
06/14/18
INITIATION
Target $36
ARGS
Buy
Fifth Third initiated with a Buy at Argus
Argus analyst Stephen Biggar initiated Fifth Third (FITB) with a Buy rating and a price target of $36, citing its strong fee-based income in asset management, sound credit quality, and above-peer efficiency ratio. The analyst further notes that while the bank's credit loan growth has been constrained, its net interest margins rose 8bps in the most recent quarter amid the rising interest rate environment, and he expects that trend to produce a high single-digit growth in net interest income this year. Biggar points to Fifth Third's recent acquisition announcement of MB Financial (MBFI) as a further catalyst, expanding its position with "significant retail and commercial assets in the Chicago" while boosting its earnings by 7% in the second year after the closing.
09/04/18
09/04/18
UPGRADE
Target $34

Outperform
Fifth Third upgraded to Outperform on valuation at Wedbush
As previously reported, Wedbush analyst Peter Winter upgraded Fifth Third (FITB) to Outperform from Neutral following meetings with management. The analyst notes that the stock has been under pressure following the announcement to acquire MB Financial (MBFI) on May 21. However, he believes the news is more than reflected in the valuation. Furthermore, Winter thinks the company can execute on its planned merger with MB Financial, realize the Project North Star targets and new $100M in expense savings, and show improvement toward reaching its FY 2020 goals of ROA, ROTCE and an efficiency in the low 50's. The analyst also raised his price target on Fifth Third's stock to $34 from $31.
FITB Fifth Third
$28.70

-0.01 (-0.03%)

07/20/18
UBSW
07/20/18
UPGRADE
UBSW
Neutral
Fifth Third upgraded to Neutral from Sell at UBS
09/04/18
WEDB
09/04/18
UPGRADE
WEDB
Outperform
Fifth Third upgraded to Outperform from Neutral at Wedbush
09/14/18
SPHN
09/14/18
NO CHANGE
SPHN
Subprime lenders weakness may be opportunity, says Stephens
Stephens analyst Vincent Caintic attributes weakness in shares of subprime consumer lenders to news that U.S. Bancorp (USB) is re-entering the small dollar, high yield lending business after Fifth Third (FITB) re-entered two months ago. However, he views the OCC's push for banks to offer small dollar loans as a positive for online lenders and notes that the recent bank announcements are for loans yielding 40%-70%, which competes against products from Regional Management (RM) and World Acceptance (WRLD) but should not impact online lenders. Subprime online lenders include Enova (ENVA) and Elevate Credit (ELVT). Other publicly traded companies in the FinTech space include LendingClub (LC) and On Deck Capital (ONDK).

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XRX

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TWTR

Twitter

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