Fifth Third Bancorp Purchases 29,594 Shares of Frontdoor Inc. $FTDR

Key Points

• Fifth Third Bancorp sharply increased its stake in Frontdoor, buying 29,594 additional shares in the first quarter and lifting its holdings to 30,111 shares worth about $1.59 million.
• Frontdoor has seen mixed but generally positive analyst sentiment, with a consensus rating of “Moderate Buy” and an average price target of $72. Benchmark started coverage with a $80 target, while Weiss Ratings slightly downgraded its view.
• The company reported solid quarterly results, posting adjusted EPS of $0.73 versus the $0.66 estimate and revenue of $451 million, up 5.9% year over year. Shares were down 2.2% in Friday trading, opening at $70.49.

Fifth Third Bancorp raised its position in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 5,724.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,111 shares of the company's stock after buying an additional 29,594 shares during the period. Fifth Third Bancorp's holdings in Frontdoor were worth $1,592,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Park Avenue Securities LLC grew its holdings in shares of Frontdoor by 4.0% in the fourth quarter. Park Avenue Securities LLC now owns 5,107 shares of the company's stock valued at $295,000 after acquiring an additional 198 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Frontdoor by 11.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,065 shares of the company's stock valued at $119,000 after acquiring an additional 217 shares during the last quarter. Optivise Advisory Services LLC lifted its holdings in Frontdoor by 6.9% during the fourth quarter. Optivise Advisory Services LLC now owns 3,641 shares of the company's stock worth $210,000 after acquiring an additional 235 shares during the period. ProShare Advisors LLC lifted its holdings in Frontdoor by 1.7% during the fourth quarter. ProShare Advisors LLC now owns 14,232 shares of the company's stock worth $821,000 after acquiring an additional 236 shares during the period. Finally, Snowden Capital Advisors LLC boosted its position in Frontdoor by 4.1% in the second quarter. Snowden Capital Advisors LLC now owns 6,407 shares of the company's stock worth $378,000 after purchasing an additional 250 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Benchmark initiated coverage on Frontdoor in a research note on Thursday, March 26th. They issued a "buy" rating and a $80.00 price objective for the company. Weiss Ratings cut Frontdoor from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.00.

Frontdoor Trading Down 2.2%

Shares of FTDR stock opened at $70.49 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 4.95. The firm has a market cap of $4.95 billion, a P/E ratio of 20.20 and a beta of 1.46. The company has a 50 day moving average of $69.65 and a 200-day moving average of $63.41. Frontdoor Inc. has a 12-month low of $48.47 and a 12-month high of $80.73.

Frontdoor (NASDAQ:FTDR - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.66 by $0.07. Frontdoor had a return on equity of 118.62% and a net margin of 12.22%.The business had revenue of $451.00 million for the quarter, compared to the consensus estimate of $442.28 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. Frontdoor's revenue for the quarter was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that Frontdoor Inc. will post 4.48 earnings per share for the current year.

Frontdoor Profile

Frontdoor, Inc NASDAQ: FTDR is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

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