Fifth Third (FITB) to Buy Hammond Hanlon, Boost Healthcare Service
Fifth Third Bancorp FITB recently announced that it has entered into an agreement to acquire Hammond Hanlon Camp LLC. Terms of the deal have not been disclosed. The transaction is likely to close in the fourth quarter, subject to regulatory approvals.
Hammond Hanlon is one of the leading strategic advisory and investment banking firms with focus on the healthcare industry, specifically the not-for-profit sector. Over the past nine years, the company's core advisory services include mergers, acquisitions and divestitures, partnerships and strategic growth to capital markets and real estate investment banking. The company also has its presence in major cities like Atlanta, Chicago, New York and San Diego.
With this acquisition’s conclusion, Fifth Third's presence in the healthcare industry will be further strengthened. The latest transaction follows the company's buyout of Coker Capital in 2018. The company has particularly focused on expanding its healthcare team over the last 10 years. Consequently, it has become one of the foremost platforms to middle-market and corporate clients in this segment.
Kevin Lavender, executive vice president and head of commercial banking of Fifth Third, noted, "As Fifth Third continues to seek opportunities to build upon the strength of its healthcare team, the addition of H2C further deepens the value we provide to the industry. The healthcare industry is complex and dynamic. Given its concentrated expertise and its client-focused culture, we believe H2C is a great strategic fit for Fifth Third and its existing healthcare team."
The acquisition of Hammond Hanlon will aid Fifth Third's efforts to further enhance its presence in the healthcare segment which is presently becoming one of the fastest growing segments of the economy.
In the past year, shares of Fifth Third have lost 10.4% compared with the 18.2% decline of the industry it belongs to.
Currently, Fifth Third carries a Zacks Rank #2 (Buy).
Other Stocks to Consider
Waddell & Reed Financial, Inc. WDR witnessed an upward earnings estimate revision of 15.2% for 2020 over the past two months. Its shares have gained 5.7% over the past year. At present, it sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Columbia Banking System, Inc. COLB has witnessed an upward earnings estimate revision of 21% for the current year over the past 60 days. Its shares have lost 13.5% over the past year. At present, it flaunts a Zacks Rank of 1.
Northrim BanCorp, Inc. NRIM has recorded 27.1% upward earnings estimate revision for the ongoing year in the past 60 days. Its shares have lost 12% over the past year. At present, it flaunts a Zacks Rank of 1.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Waddell & Reed Financial, Inc. (WDR) : Free Stock Analysis Report
Fifth Third Bancorp (FITB) : Free Stock Analysis Report
Columbia Banking System, Inc. (COLB) : Free Stock Analysis Report
Northrim BanCorp Inc (NRIM) : Free Stock Analysis Report
To read this article on Zacks.com click here.
