Fifth Third Bancorp (FITB) Announces Earnings Results

Fifth Third Bancorp (NASDAQ:FITB) announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03, MarketWatch Earnings reports. 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 analyst estimates of $1.52 billion. During the same quarter last year, the firm earned $0.40 EPS. Fifth Third Bancorp’s revenue for the quarter was up .1% compared to the same quarter last year.

Fifth Third Bancorp (NASDAQ:FITB) traded down 0.70% during midday trading on Wednesday, hitting $26.83. The stock had a trading volume of 7,593,516 shares. Fifth Third Bancorp has a 1-year low of $19.33 and a 1-year high of $28.97. The company has a 50-day moving average of $26.38 and a 200-day moving average of $25.72. The stock has a market cap of $19.77 billion, a price-to-earnings ratio of 13.60 and a beta of 1.37.

The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.09%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.

Fifth Third Bancorp announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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Several brokerages have recently weighed in on FITB. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday. Jefferies Group LLC reissued a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, August 11th. Wells Fargo & Company assumed coverage on Fifth Third Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $27.00 price objective on the stock. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, BMO Capital Markets restated a “market perform” rating and set a $28.00 target price (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $26.54.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after buying an additional 47,483,352 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Fifth Third Bancorp by 7,461.4% in the second quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock worth $197,608,000 after buying an additional 7,511,357 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock worth $166,511,000 after buying an additional 5,648,401 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 87.1% in the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after buying an additional 4,332,945 shares during the last quarter. Finally, Balyasny Asset Management LLC boosted its position in shares of Fifth Third Bancorp by 265.3% in the second quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock worth $99,198,000 after buying an additional 2,775,259 shares during the last quarter. Institutional investors own 81.26% of the company’s stock.

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.

Earnings History for Fifth Third Bancorp (NASDAQ:FITB)

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