Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at Jefferies Group raised their Q3 2017 earnings estimates for shares of Fifth Third Bancorp in a report released on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $0.48 per share for the quarter, up from their previous forecast of $0.47. Jefferies Group has a “Hold” rating and a $28.00 price objective on the stock. Jefferies Group also issued estimates for Fifth Third Bancorp’s FY2017 earnings at $1.89 EPS, Q1 2018 earnings at $0.45 EPS, Q2 2018 earnings at $0.49 EPS, Q3 2018 earnings at $0.54 EPS, Q4 2018 earnings at $0.59 EPS and FY2018 earnings at $2.05 EPS.
Several other analysts also recently weighed in on the company. Instinet lifted their price objective on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, June 30th. Morgan Stanley restated an “equal weight” rating and issued a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $28.08.
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Shares of Fifth Third Bancorp (FITB) opened at 28.42 on Wednesday. The company’s 50-day moving average is $26.91 and its 200 day moving average is $25.74. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The stock has a market capitalization of $20.94 billion, a P/E ratio of 14.40 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the firm earned $0.40 EPS. The company’s revenue was up .1% compared to the same quarter last year.
Fifth Third Bancorp announced that its board has approved a share buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to buy up to 67% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.16 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.25%. Fifth Third Bancorp’s payout ratio is 32.49%.
In related news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. lifted its holdings in shares of Fifth Third Bancorp by 1.5% during the second quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock worth $57,997,000 after purchasing an additional 33,660 shares during the period. Gotham Asset Management LLC acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth about $303,000. Cornerstone Advisors Inc. lifted its holdings in shares of Fifth Third Bancorp by 14.2% during the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 847 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Fifth Third Bancorp by 4.9% during the second quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock worth $38,232,000 after purchasing an additional 68,859 shares during the period. Finally, Capital Fund Management S.A. lifted its holdings in shares of Fifth Third Bancorp by 69.8% during the second quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock worth $8,339,000 after purchasing an additional 132,047 shares during the period. 79.58% of the stock is owned by hedge funds and other institutional investors.
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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