Fifth Third Bancorp (NASDAQ:FITB) Director Sells $99,120.89 in Stock

Fifth Third Bancorp (NASDAQ:FITB) Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total transaction of $99,120.89. Following the completion of the sale, the director now owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of NASDAQ:FITB traded up $0.61 on Friday, reaching $27.90. 4,910,565 shares of the company’s stock were exchanged, compared to its average volume of 7,335,713. The company has a market cap of $20.25 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.36. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $30.31. The business has a 50-day simple moving average of $27.24. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. During the same period in the prior year, the company earned $0.57 earnings per share. Sell-side analysts anticipate that Fifth Third Bancorp will post 2.81 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.44%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s dividend payout ratio is currently 34.65%.

Fifth Third Bancorp declared that its board has approved a stock repurchase program on Tuesday, June 18th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

FITB has been the topic of a number of recent research reports. Jefferies Financial Group raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. ValuEngine cut shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, March 25th. Sandler O’Neill raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Finally, Wedbush reaffirmed an “outperform” rating on shares of Fifth Third Bancorp in a report on Thursday, March 14th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $31.29.

Several institutional investors have recently added to or reduced their stakes in FITB. SRS Capital Advisors Inc. grew its position in shares of Fifth Third Bancorp by 82.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 487 shares during the last quarter. Whitnell & Co. bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $28,000. Guidant Wealth Advisors bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $38,000. Finally, JOYN Advisors Inc. grew its position in shares of Fifth Third Bancorp by 38.6% during the fourth quarter. JOYN Advisors Inc. now owns 1,722 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 480 shares during the last quarter. Institutional investors and hedge funds own 81.82% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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