Fifth Third Bancorp (FITB) Plans Quarterly Dividend of $0.16
Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Tuesday, September 19th, RTT News reports. Investors of record on Friday, September 29th will be paid a dividend of 0.16 per share by the financial services provider on Monday, October 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.35%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 1.15% during trading on Tuesday, hitting $27.18. The company had a trading volume of 4,862,454 shares. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97. The firm’s 50 day moving average is $26.46 and its 200-day moving average is $25.59. The stock has a market capitalization of $20.02 billion, a P/E ratio of 13.78 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.40 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
A number of equities research analysts recently commented on the company. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Wells Fargo & Company assumed coverage on Fifth Third Bancorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 target price on the stock. Sanford C. Bernstein reiterated a “market perform” rating and issued a $31.00 target price (up from $29.00) on shares of Fifth Third Bancorp in a research report on Saturday. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Finally, Morgan Stanley reiterated 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 analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $27.14.
In other news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now directly owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.38% of the company’s stock.
Fifth Third Bancorp announced that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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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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