Fifth Third Bancorp (NASDAQ:FITB) issued its quarterly earnings results on Friday. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02, MarketWatch Earnings reports. Fifth Third Bancorp had a net margin of 22.64% and a return on equity of 10.12%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $0.40 EPS. The firm’s revenue was up .1% compared to the same quarter last year.

Fifth Third Bancorp (NASDAQ:FITB) traded up 3.26% on Friday, reaching $26.32. 4,203,928 shares of the company’s stock were exchanged. Fifth Third Bancorp has a 1-year low of $18.16 and a 1-year high of $28.97. The stock’s 50 day moving average price is $25.41 and its 200 day moving average price is $25.73. The firm has a market capitalization of $19.75 billion, a price-to-earnings ratio of 13.77 and a beta of 1.37.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.20%. Fifth Third Bancorp’s dividend payout ratio is presently 29.17%.

Fifth Third Bancorp declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

In related news, CAO Teresa J. Tanner sold 54,984 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.88, for a total value of $1,368,001.92. Following the sale, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at approximately $1,027,195.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Teresa J. Tanner sold 26,010 shares of the stock in a transaction dated Thursday, May 4th. The stock was 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 directly owns 41,286 shares in the company, valued at approximately $1,028,021.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,315 shares of company stock worth $2,716,947. Corporate insiders own 0.38% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in FITB. BlackRock Inc. boosted its position in 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. Janus Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after buying an additional 5,648,401 shares during the last quarter. AQR Capital Management LLC boosted 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. Wells Fargo & Company MN boosted its position in shares of Fifth Third Bancorp by 128.3% in the first quarter. Wells Fargo & Company MN now owns 4,898,077 shares of the financial services provider’s stock valued at $124,411,000 after buying an additional 2,752,511 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of 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 last quarter. 80.47% of the stock is currently owned by institutional investors and hedge funds.

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Several brokerages have commented on FITB. Jefferies Group LLC reissued a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. 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. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $26.24.

Fifth Third Bancorp Company Profile

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.

Earnings History for Fifth Third Bancorp (NASDAQ:FITB)

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