Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at Jefferies Group issued their FY2019 EPS estimates for shares of Fifth Third Bancorp in a research note issued to investors on Monday. Jefferies Group analyst K. Usdin forecasts that the financial services provider will earn $2.25 per share for the year. Jefferies Group currently has a “Hold” rating and a $28.00 price target on the stock.
Several other analysts also recently weighed in on FITB. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research report on Friday, June 23rd. Instinet boosted their price objective on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, June 30th. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Three investment 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 an average rating of “Hold” and an average price target of $28.13.
Fifth Third Bancorp (FITB) traded down 0.39% during mid-day trading on Tuesday, reaching $28.15. 6,045,853 shares of the company’s stock were exchanged. The stock has a market cap of $20.74 billion, a price-to-earnings ratio of 14.27 and a beta of 1.37. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97. The stock 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 earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share 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 the consensus estimate of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS.
Fifth Third Bancorp declared that its board has authorized a share repurchase plan 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 reacquire up to 67% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.16 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.27%. Fifth Third Bancorp’s dividend payout ratio is currently 32.49%.
In other Fifth Third Bancorp 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 value of $183,574.84. Following the transaction, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Sun Life Financial INC lifted its holdings in Fifth Third Bancorp by 55,050.0% in the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares during the period. Sterling Investment Advisors Ltd. lifted its holdings in 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 valued at $147,000 after acquiring an additional 1,000 shares during the period. Ullmann Financial Group Inc. bought a new position in Fifth Third Bancorp in the first quarter valued at about $167,000. Duncker Streett & Co. Inc. lifted its holdings in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 17 shares during the period. Finally, Cornerstone Advisors Inc. lifted its holdings in Fifth Third Bancorp by 14.2% in the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 847 shares during the period. 79.58% of the stock is currently owned by institutional investors.
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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