Fifth Third Bancorp (FITB) Increases Dividend to $0.16 Per Share
Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Tuesday, September 19th, RTT News reports. Investors of record on Friday, September 29th will be given a dividend of 0.16 per share by the financial services provider on Monday, October 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.35%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14.
Fifth Third Bancorp (FITB) opened at 27.07 on Wednesday. The company has a 50-day moving average price of $26.47 and a 200-day moving average price of $25.59. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The firm has a market cap of $19.94 billion, a P/E ratio of 13.72 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business 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. On average, analysts predict that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
In related news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction on Friday, August 18th. The stock was 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 directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.
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Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts recently issued reports on FITB shares. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $31.00 price target (up previously from $29.00) on shares of Fifth Third Bancorp in a research report on Saturday. BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 price target on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.14.
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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