Fifth Third Bancorp (FITB) Releases Quarterly Earnings Results, Hits Estimates
Fifth Third Bancorp (NASDAQ:FITB) released its quarterly earnings results on Tuesday. The financial services provider reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48, Bloomberg Earnings reports. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. During the same quarter last year, the company earned $0.65 earnings per share.
Shares of Fifth Third Bancorp (FITB) opened at 28.60 on Wednesday. The firm’s 50-day moving average price is $27.39 and its 200 day moving average price is $25.96. Fifth Third Bancorp has a 12-month low of $20.83 and a 12-month high of $28.97. The firm has a market cap of $21.07 billion, a P/E ratio of 14.50 and a beta of 1.37.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, September 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s payout ratio is presently 32.49%.
FITB has been the subject of several research analyst reports. Instinet upped 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $28.24.
Fifth Third Bancorp announced that its board has initiated 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 buy up to 67% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
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In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’s 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 transaction, the executive vice president now 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 through this link. 0.38% of the stock is currently owned by company insiders.
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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