Fifth Third Bancorp (NASDAQ:FITB) Trading Down 3.4% on Disappointing Earnings

Fifth Third Bancorp (NASDAQ:FITB)’s stock price fell 3.4% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $43.62 and last traded at $43.83. 1,683,744 shares changed hands during trading, a decline of 63% from the average session volume of 4,575,651 shares. The stock had previously closed at $45.37.

The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FITB shares. Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Jefferies Financial Group lifted their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Evercore ISI upped their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Argus lifted their price target on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.78.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares in the company, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,000 shares of company stock worth $2,169,920. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the business. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at $29,000. American Capital Advisory LLC acquired a new position in shares of Fifth Third Bancorp in the second quarter valued at about $34,000. Hexagon Capital Partners LLC raised its stake in shares of Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the last quarter. Centerpoint Advisors LLC raised its stake in shares of Fifth Third Bancorp by 125.0% in the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 750 shares during the last quarter. Finally, Family Firm Inc. purchased a new stake in Fifth Third Bancorp in the second quarter valued at approximately $52,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.5 %

The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $30.56 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The stock has a 50-day moving average of $42.15 and a 200 day moving average of $39.10.

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.