Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at Jefferies Group reduced their Q3 2017 earnings per share estimates for shares of Fifth Third Bancorp in a research note issued on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $0.47 per share for the quarter, down from their previous forecast of $0.48. Jefferies Group has a “Hold” rating and a $28.00 price objective on the stock.
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, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year.
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Several other research firms have also recently weighed in on FITB. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Finally, BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $26.24.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.43 on Tuesday. Fifth Third Bancorp has a 52-week low of $18.25 and a 52-week high of $28.97. The firm has a market capitalization of $19.53 billion, a PE ratio of 13.40 and a beta of 1.36. The company has a 50 day moving average of $25.55 and a 200 day moving average of $25.71.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. raised its position 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 position 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 position 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 position 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. purchased a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $167,000. Institutional investors and hedge funds own 80.40% of the company’s stock.
In related news, EVP James C. Leonard sold 15,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $24.88, for a total value of $373,200.00. Following the completion of the transaction, the executive vice president now directly owns 75,927 shares in the company, valued at $1,889,063.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $24.63, for a total value of $328,096.23. Following the completion of the transaction, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,768,261.59. The disclosure for this sale can be found here. Insiders sold 109,315 shares of company stock valued at $2,716,947 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.
Fifth Third Bancorp declared that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in 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 usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.12%. Fifth Third Bancorp’s payout ratio is 28.43%.
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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