Fifth Third Bancorp (NASDAQ:FITB) – Analysts at FIG Partners increased their FY2017 earnings estimates for shares of Fifth Third Bancorp in a research report issued on Wednesday. FIG Partners analyst C. Marinac now expects that the financial services provider will earn $1.80 per share for the year, up from their previous estimate of $1.78. FIG Partners also issued estimates for Fifth Third Bancorp’s Q2 2018 earnings at $0.51 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.60 EPS and FY2018 earnings at $2.15 EPS.
FITB has been the topic of a number of other reports. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price objective for the company in a report on Monday, June 5th. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Jefferies Group LLC reissued a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reissued 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, eighteen have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $26.54.
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Fifth Third Bancorp (NASDAQ FITB) opened at 27.14 on Thursday. The firm has a 50 day moving average price of $26.20 and a 200 day moving average price of $25.73. The stock has a market capitalization of $20.05 billion, a P/E ratio of 13.76 and a beta of 1.37. Fifth Third Bancorp has a 52 week low of $18.94 and a 52 week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the business posted $0.40 EPS. The company’s revenue was up .1% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.
Fifth Third Bancorp declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to buy up to 67% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several large investors have recently modified their holdings of the stock. Toronto Dominion Bank increased its stake in Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock worth $5,166,000 after buying an additional 72,991 shares during the period. Clinton Group Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth $1,543,000. Canada Pension Plan Investment Board increased its stake in Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after buying an additional 47,254 shares during the period. Tyers Asset Management LLC increased its stake in Fifth Third Bancorp by 34.7% in the first quarter. Tyers Asset Management LLC now owns 173,976 shares of the financial services provider’s stock worth $4,419,000 after buying an additional 44,814 shares during the period. Finally, First Trust Advisors LP increased its stake in Fifth Third Bancorp by 128.6% in the first quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock worth $59,542,000 after buying an additional 1,318,692 shares during the period. 80.50% of the stock is currently owned by institutional investors.
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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