Analysts Issue Forecasts for Fifth Third Bancorp’s Q3 2017 Earnings (FITB)
Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at FIG Partners raised their Q3 2017 earnings per share (EPS) estimates for Fifth Third Bancorp in a research note issued to investors on Wednesday. FIG Partners analyst C. Marinac now anticipates that the financial services provider will post earnings of $0.47 per share for the quarter, up from their prior forecast of $0.46. FIG Partners also issued estimates for Fifth Third Bancorp’s Q4 2017 earnings at $0.50 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 (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. COPYRIGHT VIOLATION WARNING: This article was originally reported by Daily Political and is the sole property of of Daily Political. If you are reading this article on another site, it was illegally stolen and reposted in violation of US and international copyright law. The original version of this article can be read at https://www.dailypolitical.com/2017/08/11/analysts-issue-forecasts-for-fifth-third-bancorps-q3-2017-earnings-fitb.html.
Other analysts have also issued reports about the company. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Wells Fargo & Company began coverage on Fifth Third Bancorp in a research report on Wednesday. They issued a “market perform” rating and a $27.00 target price for the company. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $28.00 target price (up 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, eighteen have given a hold rating and four have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $26.54.
Shares of Fifth Third Bancorp (FITB) opened at 26.38 on Friday. Fifth Third Bancorp has a one year low of $18.94 and a one year high of $28.97. The company has a market capitalization of $19.49 billion, a P/E ratio of 13.37 and a beta of 1.37. The firm has a 50 day moving average price of $26.23 and a 200 day moving average price of $25.74.
Several institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. raised its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after buying an additional 32 shares in the last quarter. Quadrant Capital Group LLC raised its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock valued at $138,000 after buying an additional 370 shares in the last quarter. YorkBridge Wealth Partners LLC raised its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock valued at $142,000 after buying an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. raised its position 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 buying an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. acquired a new position in Fifth Third Bancorp during the first quarter valued at about $167,000. 80.50% of the stock is owned by institutional investors.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.
Fifth Third Bancorp declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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