Fifth Third Bancorp (NASDAQ:FITB) - Equities research analysts at Wedbush increased their Q3 2017 EPS estimates for Fifth Third Bancorp in a note issued to investors on Sunday. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings per share of $0.48 for the quarter, up from their previous estimate of $0.47. Wedbush also issued estimates for Fifth Third Bancorp’s Q4 2017 earnings at $0.52 EPS, FY2017 earnings at $1.84 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.60 EPS and FY2018 earnings at $2.04 EPS.
Several other equities analysts also recently commented on FITB. BMO Capital Markets restated a “market perform” rating and issued a $28.00 price objective (up from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday. Jefferies Group LLC restated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have given a buy rating to the stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $26.29.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.59 on Tuesday. The firm has a 50 day moving average price of $25.55 and a 200 day moving average price of $25.71. The stock has a market cap of $19.65 billion, a PE ratio of 13.48 and a beta of 1.37. Fifth Third Bancorp has a 12-month low of $18.25 and a 12-month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the firm posted $0.40 EPS. The company’s revenue was up .1% compared to the same quarter last year.
Several large investors have recently bought and sold shares of FITB. Fox Run Management L.L.C. purchased a new stake in Fifth Third Bancorp during the first quarter worth approximately $439,000. Parametrica Management Ltd purchased a new stake in Fifth Third Bancorp during the first quarter worth approximately $457,000. Quadrant Capital Group LLC increased its stake in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in Fifth Third Bancorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 247,268 shares of the financial services provider’s stock worth $6,280,000 after buying an additional 3,100 shares in the last quarter. Finally, Creative Planning increased its stake in Fifth Third Bancorp by 0.8% in the first quarter. Creative Planning now owns 83,743 shares of the financial services provider’s stock worth $2,127,000 after buying an additional 641 shares in the last quarter. Institutional investors own 80.40% of the company’s stock.
In related news, CAO Teresa J. Tanner sold 26,010 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total value of $647,649.00. Following the sale, the chief accounting officer now directly owns 41,286 shares in the company, valued at $1,028,021.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP James C. Leonard sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.88, for a total value of $373,200.00. Following the completion of the sale, the executive vice president now owns 75,927 shares in the company, valued at $1,889,063.76. The disclosure for this sale can be found here. Insiders sold 109,315 shares of company stock worth $2,716,947 over the last quarter. 0.38% of the stock is owned by company insiders.
Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.11%. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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