Fifth Third Bancorp (NASDAQ:FITB) Declares Quarterly Dividend of $0.37

Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Tuesday, December 10th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.37 per share by the financial services provider on Wednesday, January 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Tuesday, December 31st.

Fifth Third Bancorp has raised its dividend payment by an average of 8.0% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Fifth Third Bancorp has a dividend payout ratio of 40.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Fifth Third Bancorp to earn $3.62 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 40.9%.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $42.90 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The stock has a market cap of $28.77 billion, a P/E ratio of 14.25, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. The firm’s fifty day simple moving average is $45.46 and its 200 day simple moving average is $42.16.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, research analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current year.

Wall Street Analyst Weigh In

FITB has been the subject of several research reports. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Piper Sandler raised their price objective on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Citigroup upped their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Barclays upped their price objective on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $45.32.

Insiders Place Their Bets

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.50% of the company’s stock.

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.