Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at Jefferies Group lifted their Q3 2017 EPS estimates for Fifth Third Bancorp in a note issued to investors on Monday. Jefferies Group analyst K. Usdin now expects that the financial services provider will post earnings per share of $0.48 for the quarter, up from their previous forecast of $0.47. Jefferies Group has a “Hold” rating and a $28.00 price objective on the stock. Jefferies Group also issued estimates for Fifth Third Bancorp’s FY2017 earnings at $1.89 EPS, Q1 2018 earnings at $0.45 EPS, Q2 2018 earnings at $0.49 EPS, Q3 2018 earnings at $0.54 EPS, Q4 2018 earnings at $0.59 EPS and FY2018 earnings at $2.05 EPS.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly 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. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the business earned $0.40 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis.
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Other research analysts also recently issued research reports about the stock. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. 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 research note on Thursday, July 27th. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.13.
Several institutional investors have recently added to or reduced their stakes in FITB. Sun Life Financial INC boosted its stake in shares of Fifth Third Bancorp by 55,050.0% during the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after buying an additional 5,505 shares during the last quarter. Sterling Investment Advisors Ltd. boosted its stake in shares of Fifth Third Bancorp by 20.8% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,000 shares during the last quarter. Ullmann Financial Group Inc. purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $167,000. Duncker Streett & Co. Inc. boosted its stake in shares of Fifth Third Bancorp by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares during the last quarter. Finally, Cornerstone Advisors Inc. boosted its stake in shares of Fifth Third Bancorp by 14.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after buying an additional 847 shares during the last quarter. Institutional investors own 79.58% of the company’s stock.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is owned by company insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a $0.16 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.64 annualized dividend and a yield of 2.27%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 32.49%.
Fifth Third Bancorp declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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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