Fifth Third Bancorp (NASDAQ:FITB) Announces Earnings Results, Beats Estimates By $0.01 EPS

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) released its quarterly earnings results on Thursday. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01, RTT News reports. Fifth Third Bancorp had a return on equity of 13.31% and a net margin of 17.97%. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the business posted $0.81 earnings per share.

Fifth Third Bancorp Stock Performance

FITB traded up $0.42 during trading on Friday, hitting $43.03. The stock had a trading volume of 7,556,302 shares, compared to its average volume of 4,642,743. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The firm has a market cap of $28.72 billion, a PE ratio of 13.36, a P/E/G ratio of 1.40 and a beta of 0.91. The company has a 50 day simple moving average of $40.21 and a 200-day simple moving average of $40.08. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp's dividend payout ratio is currently 45.96%.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Cowen started coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. TD Cowen began coverage on Fifth Third Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $52.00 price objective on the stock. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research note on Monday, April 7th. Finally, JPMorgan Chase & Co. cut their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.53.

Institutional Trading of Fifth Third Bancorp

An institutional investor recently raised its position in Fifth Third Bancorp stock. Empowered Funds LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,864 shares of the financial services provider's stock after purchasing an additional 916 shares during the period. Empowered Funds LLC's holdings in Fifth Third Bancorp were worth $543,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase program on Monday, June 16th 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 programs are often a sign that the company's board of directors believes its stock is undervalued.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.