Research Analysts Set Expectations for Fifth Third Bancorp’s FY2017 Earnings (NASDAQ:FITB)
Fifth Third Bancorp (NASDAQ:FITB) – Research analysts at Jefferies Group increased their FY2017 earnings estimates for Fifth Third Bancorp in a research report issued to clients and investors on Monday. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will post earnings of $1.84 per share for the year, up from their prior estimate of $1.78. Jefferies Group currently has a “Hold” rating and a $28.00 price target on the stock.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 earnings per share. ILLEGAL ACTIVITY NOTICE: This report was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this report on another website, it was illegally copied and reposted in violation of United States & international copyright and trademark law. The legal version of this report can be read at https://www.americanbankingnews.com/2017/07/26/research-analysts-set-expectations-for-fifth-third-bancorps-fy2017-earnings-nasdaqfitb.html.
A number of other equities research analysts have also recently weighed in on FITB. BMO Capital Markets restated a “market perform” rating and set a $28.00 price objective (up from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Keefe, Bruyette & Woods restated a “hold” rating and set a $27.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday. Finally, Royal Bank Of Canada restated a “buy” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a research note on Thursday, May 18th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the company. Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $26.29.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.30% on Wednesday, hitting $26.51. 1,218,016 shares of the company were exchanged. Fifth Third Bancorp has a 52-week low of $18.25 and a 52-week high of $28.97. The firm has a market cap of $19.59 billion, a P/E ratio of 13.44 and a beta of 1.37. The company has a 50-day moving average price of $25.55 and a 200 day moving average price of $25.71.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.11%. Fifth Third Bancorp’s payout ratio is presently 28.43%.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback 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 repurchase up to 67% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 13,321 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,768,261.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Teresa J. Tanner sold 26,010 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total value of $647,649.00. Following the sale, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at $1,028,021.40. The disclosure for this sale can be found here. Insiders have sold a total of 109,315 shares of company stock valued at $2,716,947 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Assetmark Inc. raised 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 shares of 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 during the last quarter. YorkBridge Wealth Partners LLC raised its stake in shares of 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 during the last quarter. Sterling Investment Advisors Ltd. raised its stake in shares of 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 during the last quarter. Finally, Ullmann Financial Group Inc. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $167,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.
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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