Fifth Third Bancorp (NASDAQ:FITB) Shares Gap Up on Earnings Beat

Fifth Third Bancorp (NASDAQ:FITB) gapped up before the market opened on Friday following a stronger than expected earnings report. 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 changing hands.

The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. During the same quarter last year, the company posted $0.78 EPS.

Fifth Third Bancorp Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.91%. Fifth Third Bancorp’s payout ratio is currently 43.34%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FITB. Robert W. Baird reiterated a “neutral” rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 1st. Stephens reissued an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, March 19th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.63.

Insider Transactions at Fifth Third Bancorp

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FITB. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $29,000. GoalVest Advisory LLC raised its stake in shares of Fifth Third Bancorp by 145.5% during the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 560 shares in the last quarter. Denali Advisors LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $36,000. Financial Management Professionals Inc. raised its stake in shares of Fifth Third Bancorp by 1,000.0% in the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 1,000 shares in the last quarter. Finally, ICA Group Wealth Management LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $38,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

The stock has a 50 day moving average of $35.16 and a two-hundred day moving average of $31.70. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $24.41 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.29 and a beta of 1.27.

Fifth Third Bancorp Company Profile

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.