Fifth Third Bancorp (NASDAQ:FITB) Trading Down 3.4% After Earnings Miss

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) shares dropped 3.4% on Friday following a weaker than expected earnings announcement. The company traded as low as $43.62 and last traded at $43.83. Approximately 1,683,744 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 4,575,651 shares. The stock had previously closed at $45.37.

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 17.41% and a return on equity of 15.79%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business posted $0.92 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.31%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FITB shares. StockNews.com downgraded shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, October 9th. Evercore ISI lifted their target price on 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. Bank of America upped their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Royal Bank of Canada lifted their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an "outperform" rating in a report on Monday, July 22nd. Finally, Argus raised their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $41.78.

Insider Activity

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

Institutional Investors Weigh In On Fifth Third Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $29,000. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $34,000. Hexagon Capital Partners LLC boosted its position in shares of Fifth Third Bancorp by 56.9% in the 3rd 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 grew its stake in shares of Fifth Third Bancorp by 125.0% during 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 period. Finally, Family Firm Inc. acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $52,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 1.5 %

The business has a fifty day moving average of $42.15 and a 200 day moving average of $39.08. 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 firm has a market cap of $30.56 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.94 and a beta of 1.22.

Fifth Third Bancorp Company Profile

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.