Fifth Third Bancorp (FITB) to Distribute Quarterly Dividend of $0.42 on October 15th

Fifth Third Bancorp (NASDAQ:FITB) declared a quarterly dividend on Thursday, September 17th. Stockholders of record on Wednesday, September 30th will be given a dividend of 0.42 per share by the financial services provider on Thursday, October 15th. This represents a c) annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, September 30th. This is a 5.0% increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40.

Fifth Third Bancorp has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Fifth Third Bancorp has a payout ratio of 40.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Fifth Third Bancorp to earn $4.96 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 32.3%.

Fifth Third Bancorp Stock Down 0.5%

Shares of Fifth Third Bancorp stock opened at $52.99 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business’s 50 day simple moving average is $56.03 and its 200-day simple moving average is $52.17. The stock has a market capitalization of $48.05 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Hedge Funds Weigh In On Fifth Third Bancorp

Several large investors have recently bought and sold shares of FITB. Bank of New York Mellon Corp bought a new stake in Fifth Third Bancorp during the second quarter worth approximately $1,324,903,000. Bank of America Corp DE bought a new position in Fifth Third Bancorp during the 2nd quarter valued at $995,717,000. Norges Bank acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $649,264,000. Legal & General Group Plc acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $314,122,000. Finally, Wellington Management Group LLP raised its stake in shares of Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after buying an additional 3,972,795 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.