Fifth Third Bancorp (FITB) Expected to Earn Q4 2017 Earnings of $0.52 Per Share
Fifth Third Bancorp (NASDAQ:FITB) – Research analysts at Jefferies Group raised their Q4 2017 earnings estimates for shares of Fifth Third Bancorp in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will earn $0.52 per share for the quarter, up from their prior estimate of $0.51. Jefferies Group currently has a “Hold” rating and a $28.00 target price on the stock.
A number of other research analysts also recently issued reports on FITB. Robert W. Baird downgraded Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price target on the stock. in a report on Monday, October 2nd. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a report on Wednesday. Citigroup Inc. reaffirmed a “neutral” rating and set a $31.00 price target (up from $28.00) on shares of Fifth Third Bancorp in a report on Monday. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Finally, UBS AG reaffirmed a “sell” rating and set a $26.00 price target (up from $25.00) on shares of Fifth Third Bancorp in a report on Friday, October 6th. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $28.13.
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Fifth Third Bancorp (FITB) traded down 0.336% during midday trading on Thursday, reaching $28.165. The company had a trading volume of 1,089,969 shares. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The stock has a market capitalization of $20.75 billion, a PE ratio of 14.275 and a beta of 1.37. The company has a 50-day moving average of $26.95 and a 200-day moving average of $25.75.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The business 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%. Fifth Third Bancorp’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS.
Fifth Third Bancorp declared that its Board of Directors 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 repurchase up to 67% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.64 annualized dividend and a dividend yield of 2.26%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 32.49%.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FITB. BlackRock Inc. grew its position in shares of Fifth Third Bancorp by 3,239.3% during the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after purchasing an additional 47,483,352 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Fifth Third Bancorp by 7,461.4% during the second quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock valued at $197,608,000 after buying an additional 7,511,357 shares during the last quarter. Janus Capital Management LLC boosted its stake in Fifth Third Bancorp by 622.7% during 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 stake in Fifth Third Bancorp by 87.1% during 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. Finally, Balyasny Asset Management LLC boosted its stake in Fifth Third Bancorp by 265.3% during the second quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock valued at $99,198,000 after buying an additional 2,775,259 shares during the last quarter. Hedge funds and other institutional investors own 79.58% of the company’s stock.
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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