Fifth Third Bancorp (FITB) to Release Earnings on Tuesday
Fifth Third Bancorp (NASDAQ:FITB) is scheduled to release its earnings data before the market opens on Tuesday, October 24th. Analysts expect Fifth Third Bancorp to post earnings of $0.48 per share for the quarter.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a net margin of 24.42% and a return on equity of 9.04%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS. On average, analysts expect Fifth Third Bancorp to post $1.83 EPS for the current fiscal year and $2.05 EPS for the next fiscal year.
Shares of Fifth Third Bancorp (FITB) opened at 28.37 on Tuesday. The stock has a market capitalization of $20.90 billion, a P/E ratio of 14.38 and a beta of 1.37. The stock has a 50 day moving average of $27.04 and a 200-day moving average of $25.80. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a dividend of $0.16 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is presently 32.49%.
Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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Several research analysts have recently weighed in on FITB shares. Instinet increased their price objective on shares of Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, June 30th. TheStreet upgraded shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $28.13.
In other news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% 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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