Fifth Third Bancorp Declares Quarterly Dividend of $0.30 (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITBGet Rating) declared a quarterly dividend on Tuesday, June 14th, RTT News reports. Shareholders of record on Thursday, June 30th will be paid a dividend of 0.30 per share by the financial services provider on Friday, July 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.44%.

Fifth Third Bancorp has increased its dividend by an average of 15.5% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Fifth Third Bancorp has a payout ratio of 28.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Fifth Third Bancorp to earn $4.14 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 29.0%.

Shares of NASDAQ:FITB traded up $0.44 during midday trading on Tuesday, reaching $34.88. The company had a trading volume of 196,701 shares, compared to its average volume of 4,059,579. The stock has a market capitalization of $23.85 billion, a P/E ratio of 9.87, a PEG ratio of 1.18 and a beta of 1.30. The stock’s fifty day moving average price is $38.25 and its 200-day moving average price is $43.06. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.81 and a quick ratio of 0.80. Fifth Third Bancorp has a one year low of $34.19 and a one year high of $50.64.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). Fifth Third Bancorp had a net margin of 31.14% and a return on equity of 12.99%. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the prior year, the business earned $0.93 earnings per share. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.66 earnings per share for the current year.

A number of research analysts recently issued reports on the company. Wedbush lifted their target price on Fifth Third Bancorp to $48.00 and gave the stock a “na” rating in a report on Tuesday, May 17th. Citigroup reissued a “neutral” rating on shares of Fifth Third Bancorp in a research note on Thursday, March 24th. StockNews.com assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, March 31st. They set a “hold” rating on the stock. Bank of America raised their price objective on Fifth Third Bancorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday, April 20th. Finally, Morgan Stanley lowered shares of Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $56.00 to $50.00 in a research note on Monday, March 28th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Buy” and an average price target of $48.36.

In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $36.93, for a total value of $92,325.00. Following the transaction, the executive vice president now owns 45,844 shares of the company’s stock, valued at approximately $1,693,018.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Greg D. Carmichael sold 50,000 shares of the company’s stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $40.05, for a total value of $2,002,500.00. Following the completion of the sale, the chief executive officer now owns 644,745 shares of the company’s stock, valued at approximately $25,822,037.25. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 6.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,192,862 shares of the financial services provider’s stock valued at $481,741,000 after purchasing an additional 721,901 shares in the last quarter. Royal Bank of Canada boosted its stake in Fifth Third Bancorp by 2.9% in the 1st quarter. Royal Bank of Canada now owns 7,110,214 shares of the financial services provider’s stock worth $306,024,000 after purchasing an additional 199,351 shares during the period. Northern Trust Corp raised its stake in shares of Fifth Third Bancorp by 0.3% in the 1st quarter. Northern Trust Corp now owns 7,083,204 shares of the financial services provider’s stock valued at $304,861,000 after purchasing an additional 24,118 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in shares of Fifth Third Bancorp by 1.2% in the fourth quarter. Parametric Portfolio Associates LLC now owns 4,792,128 shares of the financial services provider’s stock valued at $208,697,000 after purchasing an additional 59,098 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Fifth Third Bancorp by 21.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,685,793 shares of the financial services provider’s stock worth $116,967,000 after buying an additional 467,596 shares during the period. 81.00% of the stock is owned by institutional investors.

Fifth Third Bancorp Company Profile (Get Rating)

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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Dividend History for Fifth Third Bancorp (NASDAQ:FITB)

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