Fifth Third Bancorp (FITB) Board Initiates Stock Repurchase Plan
Fifth Third Bancorp (NASDAQ:FITB) announced that its Board of Directors has approved a stock buyback program, which authorizes the company to buyback $1.16 billion in outstanding shares on Wednesday, June 28th, EventVestor reports. This buyback authorization authorizes the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded up 3.02% during trading on Thursday, hitting $26.26. The stock had a trading volume of 3,548,125 shares. Fifth Third Bancorp has a one year low of $16.14 and a one year high of $28.97. The firm’s 50-day moving average is $24.57 and its 200-day moving average is $25.89. The firm has a market cap of $19.70 billion, a P/E ratio of 13.73 and a beta of 1.35.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.38. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. Fifth Third Bancorp had a net margin of 22.64% and a return on equity of 10.12%. During the same period in the previous year, the business posted $0.40 EPS. Equities research analysts forecast that Fifth Third Bancorp will post $1.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.20%. Fifth Third Bancorp’s payout ratio is currently 29.17%.
A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reissued a “hold” rating and issued a $27.00 price target on shares of Fifth Third Bancorp in a research report on Friday, May 26th. BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Evercore ISI lowered Fifth Third Bancorp from a “hold” rating to an “underperform” rating in a report on Friday, March 3rd. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research report on Friday, June 23rd. Finally, Hilliard Lyons cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 target price on the stock. in a research report on Thursday, March 2nd. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $25.30.
In other news, EVP Frank R. Forrest sold 13,321 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $24.63, for a total transaction of $328,096.23. Following the completion of the transaction, the executive vice president now directly owns 71,793 shares in the company, valued at $1,768,261.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Teresa J. Tanner sold 54,984 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $24.88, for a total value of $1,368,001.92. Following the transaction, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at $1,027,195.68. The disclosure for this sale can be found here. Insiders sold 109,315 shares of company stock worth $2,716,947 in the last 90 days. 0.38% of the stock is owned by company insiders.
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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