Fifth Third Bank (NASDAQ:FITB) – Equities researchers at Jefferies Group raised their FY2018 EPS estimates for shares of Fifth Third Bank in a research note issued to investors on Wednesday, April 4th. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will earn $2.35 per share for the year, up from their previous forecast of $2.32. Jefferies Group also issued estimates for Fifth Third Bank’s FY2019 earnings at $2.55 EPS.
Fifth Third Bank (NASDAQ:FITB) last posted its earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.05. Fifth Third Bank had a return on equity of 9.65% and a net margin of 27.08%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share.
Several other research firms have also issued reports on FITB. BidaskClub upgraded Fifth Third Bank from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Bank of America lifted their target price on Fifth Third Bank from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Morgan Stanley lifted their target price on Fifth Third Bank from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $35.00 target price on shares of Fifth Third Bank in a research note on Wednesday, January 24th. Finally, Zacks Investment Research upgraded Fifth Third Bank from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Fifth Third Bank has an average rating of “Hold” and a consensus target price of $31.05.
FITB opened at $31.24 on Thursday. Fifth Third Bank has a 1 year low of $23.20 and a 1 year high of $34.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $22,175.78, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.76 and a beta of 1.32.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.05%. Fifth Third Bank’s payout ratio is 23.88%.
Fifth Third Bank announced that its Board of Directors has approved a share buyback plan on Tuesday, February 27th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Greg D. Carmichael sold 87,613 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $32.37, for a total value of $2,836,032.81. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Aravind Immaneni sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 19th. The shares were sold at an average price of $33.60, for a total value of $134,400.00. Following the completion of the sale, the executive vice president now owns 23,071 shares in the company, valued at approximately $775,185.60. The disclosure for this sale can be found here. Insiders have sold 183,978 shares of company stock worth $6,033,127 in the last 90 days. Insiders own 0.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanders Capital LLC boosted its position in Fifth Third Bank by 1.1% in the fourth quarter. Sanders Capital LLC now owns 13,300,838 shares of the financial services provider’s stock valued at $428,100,000 after buying an additional 148,300 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Fifth Third Bank by 0.9% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,370,533 shares of the financial services provider’s stock valued at $206,228,000 after buying an additional 68,086 shares during the last quarter. Wells Fargo & Company MN boosted its position in Fifth Third Bank by 4.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,281,010 shares of the financial services provider’s stock valued at $190,564,000 after buying an additional 256,235 shares during the last quarter. First Trust Advisors LP boosted its position in Fifth Third Bank by 93.2% in the fourth quarter. First Trust Advisors LP now owns 3,726,358 shares of the financial services provider’s stock valued at $113,058,000 after buying an additional 1,797,343 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Fifth Third Bank by 5.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,306,843 shares of the financial services provider’s stock valued at $100,330,000 after buying an additional 161,441 shares during the last quarter. Hedge funds and other institutional investors own 84.58% of the company’s stock.
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Fifth Third Bank 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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