Fifth Third Bancorp (NASDAQ:FITB) Shares Gap Up After Better-Than-Expected Earnings

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report)'s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.22, but opened at $36.42. Fifth Third Bancorp shares last traded at $35.35, with a volume of 1,705,916 shares.

The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. During the same quarter in the prior year, the firm earned $0.78 EPS.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 43.34%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Robert W. Baird reissued a "neutral" rating and set a $32.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 1st. Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a "market perform" rating in a report on Friday, April 5th. Barclays boosted their price objective on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an "overweight" rating in a report on Tuesday, January 2nd. UBS Group restated a "neutral" rating and set a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Finally, Stephens restated an "equal weight" rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Hold" and a consensus price target of $35.63.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 26,500 shares of the business's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a filing with the SEC, which is available at this link. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the company's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at $8,407,751.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the company's stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the sale, the executive vice president now owns 139,422 shares of the company's stock, valued at $5,072,172.36. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth $29,000. GoalVest Advisory LLC increased its holdings in shares of Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider's stock worth $33,000 after buying an additional 560 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $36,000. Clear Street Markets LLC increased its holdings in shares of Fifth Third Bancorp by 93.4% during the first quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider's stock worth $36,000 after buying an additional 647 shares in the last quarter. Finally, Financial Management Professionals Inc. increased its holdings in shares of Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider's stock worth $38,000 after buying an additional 1,000 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 5.9 %

The company has a market capitalization of $24.69 billion, a price-to-earnings ratio of 11.20, a P/E/G ratio of 1.29 and a beta of 1.27. The firm's fifty day moving average price is $35.16 and its 200-day moving average price is $31.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.81 and a quick ratio of 0.81.

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.