Brokers Issue Forecasts for Fifth Third Bancorp’s Q3 2017 Earnings (FITB)
Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at FIG Partners reduced their Q3 2017 EPS estimates for shares of Fifth Third Bancorp in a research note issued on Monday. FIG Partners analyst C. Marinac now forecasts that the financial services provider will earn $0.46 per share for the quarter, down from their prior forecast of $0.47. FIG Partners also issued estimates for Fifth Third Bancorp’s Q4 2017 earnings at $0.49 EPS, Q1 2018 earnings at $0.47 EPS and Q4 2018 earnings at $0.58 EPS.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. Fifth Third Bancorp’s revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $0.40 earnings per share.
A number of other equities research analysts have also issued reports on the stock. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday. BidaskClub lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a 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 report on Friday, July 14th. Jefferies Group LLC restated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Three equities research 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 an average rating of “Hold” and a consensus target price of $26.24.
Fifth Third Bancorp (NASDAQ:FITB) opened at 26.43 on Tuesday. Fifth Third Bancorp has a one year low of $18.25 and a one year high of $28.97. The stock has a market capitalization of $19.53 billion, a price-to-earnings ratio of 13.40 and a beta of 1.36. The company’s 50-day moving average is $25.55 and its 200 day moving average is $25.71.
The business 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 was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.12%. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.
Fifth Third Bancorp announced that its board has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, EVP Frank R. Forrest sold 13,321 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.63, for a total value of $328,096.23. Following the completion of the transaction, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,768,261.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, 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. Insiders sold a total of 109,315 shares of company stock valued at $2,716,947 in the last quarter. 0.38% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Assetmark Inc. increased its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Quadrant Capital Group LLC raised 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. YorkBridge Wealth Partners LLC raised its stake in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. raised its stake in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth approximately $167,000. 80.40% of the stock is owned by institutional investors.
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.
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