Fifth Third Bancorp (NASDAQ:FITB) Shares Gap Up Following 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 traded.

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 period in the prior year, the company earned $0.78 earnings per share.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a yield of 3.86%. Fifth Third Bancorp’s payout ratio is currently 43.34%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price 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. Robert W. Baird reiterated a “neutral” rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 1st. 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. Royal Bank of Canada boosted their price objective on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 22nd. Finally, Morgan Stanley boosted their price objective on Fifth Third Bancorp from $29.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.63.

Insider Buying and Selling

In related 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 owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the business’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 transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction 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 directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FITB. Financial Synergies Wealth Advisors Inc. purchased a new position in Fifth Third Bancorp in the first quarter worth $29,000. GoalVest Advisory LLC boosted its position in Fifth Third Bancorp by 145.5% in the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 560 shares during the last quarter. Denali Advisors LLC purchased a new position in Fifth Third Bancorp in the fourth quarter worth $36,000. Clear Street Markets LLC boosted its position in Fifth Third Bancorp by 93.4% in the first quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 647 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its position in Fifth Third Bancorp by 1,000.0% in the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96. The company has a 50-day simple moving average of $35.21 and a two-hundred day simple moving average of $31.78. The firm has a market cap of $24.69 billion, a PE ratio of 11.22, a PEG ratio of 1.29 and a beta of 1.27.

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.