Fifth Third Bancorp (NASDAQ:FITB) released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03, MarketWatch Earnings reports. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. Fifth Third Bancorp’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS.
Fifth Third Bancorp (NASDAQ:FITB) opened at 26.90 on Wednesday. Fifth Third Bancorp has a 12 month low of $18.61 and a 12 month high of $28.97. The firm has a market capitalization of $19.88 billion, a price-to-earnings ratio of 13.63 and a beta of 1.37. The firm has a 50-day moving average price of $25.93 and a 200 day moving average price of $25.68.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is currently 28.43%.
Fifth Third Bancorp declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several research firms recently commented on FITB. BMO Capital Markets reissued a “market perform” rating and set a $28.00 price target (up from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Friday, July 14th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $26.51.
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In related news, EVP James C. Leonard sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $24.88, for a total value of $373,200.00. Following the transaction, the executive vice president now owns 75,927 shares of the company’s stock, valued at approximately $1,889,063.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 26,010 shares of the stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $24.90, for a total transaction of $647,649.00. Following the completion of the sale, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at approximately $1,028,021.40. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Fifth Third Bancorp by 2.9% in the first quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares during the period. BlackRock Inc. increased its position in shares of Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock valued at $1,243,309,000 after buying an additional 47,483,352 shares during the last quarter. Sanders Capital LLC increased its position in shares of Fifth Third Bancorp by 1.4% in the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock valued at $354,605,000 after buying an additional 189,300 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Fifth Third Bancorp by 87.1% in the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock valued at $236,360,000 after buying an additional 4,332,945 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Fifth Third Bancorp by 8.0% in the first quarter. Geode Capital Management LLC now owns 8,455,254 shares of the financial services provider’s stock valued at $214,494,000 after buying an additional 627,613 shares during the last quarter. Institutional investors own 80.35% of the company’s stock.
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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