Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Tuesday, September 17th, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.24 per share by the financial services provider on Tuesday, October 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, September 27th.
Fifth Third Bancorp has raised its dividend payment by an average of 9.4% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Fifth Third Bancorp has a dividend payout ratio of 38.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Fifth Third Bancorp to earn $3.05 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 31.5%.
Shares of NASDAQ:FITB traded up $0.25 during trading on Wednesday, hitting $27.70. The stock had a trading volume of 203,767 shares, compared to its average volume of 5,167,239. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $30.20. The company has a market capitalization of $20.33 billion, a PE ratio of 10.91, a PEG ratio of 1.37 and a beta of 1.38. The firm’s fifty day moving average is $26.67 and its 200 day moving average is $27.31. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.82.
In other Fifth Third Bancorp news, COO Lars C. Anderson sold 25,000 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total transaction of $743,750.00. Following the sale, the chief operating officer now directly owns 241,579 shares in the company, valued at approximately $7,186,975.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan Bayh bought 4,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were acquired at an average price of $25.93 per share, for a total transaction of $103,720.00. Following the completion of the purchase, the director now owns 48,517 shares in the company, valued at approximately $1,258,045.81. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.
A number of research analysts recently weighed in on the company. Raymond James raised their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. ValuEngine lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Wedbush raised their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Co raised their price objective on Fifth Third Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $31.27.
Fifth Third Bancorp declared that its board has authorized a share buyback plan on Tuesday, June 18th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
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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