Fifth Third Bancorp (FITB) - NASDAQ
  • Nov. 10, 2015, 9:43 AM
    • "This is a shot across the bow from banks," says Pinnacle Advisory's Michael Kitces. At issue are popular aggregator sites - think Mint.com, Quicken (NASDAQ:INTU), Digit.co - which allow consumers to monitor all of their financial relationships in one place.
    • JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) in recent months have also disrupted the data flow to these operators, according to the WSJ. Bank of America (NYSE:BAC), reports the Journal, took action in July, with at least two aggregators being shut out.
    • Naturally trying to protect their turf, banks are also concerned the aggregator sites could threaten account security (they often require bank-account passwords be turned over). Fifth Third Bancorp (NASDAQ:FITB), Capital One (NYSE:COF), and JPMorgan are among those warning customers against sharing information with third parties.
    | Nov. 10, 2015, 9:43 AM | 7 Comments
  • Oct. 20, 2015, 12:42 PM
    | Oct. 20, 2015, 12:42 PM | 1 Comment
  • Oct. 20, 2015, 7:44 AM
    • Net interest income of $906M flat from one year ago, with NIM of 2.89% down 21 basis points.
    • Noninterest income of $713M up 37% Y/Y. Excluding the Vantiv warrant valuation, noninterest income of $591M up 3%. Mortgage banking income of $71M up 16%.
    • Noninterest expense of $943M up 6%.
    • Average loans of $93.37B up 3% Y/Y. Commercial loan of $56.98M up 5%. Consumer loans of $36.39M flat.
    • Average deposits of $101.86B up 6% Y/Y.
    • CET 1 ratio (fully-phased) of 9.30% down one basis point from last quarter. Tangible book value per share of $15.18 up from $14.62. Last night's close was $19.02. Buybacks reduced the float by about 15M shares during quarter.
    • Conference call at 9 ET
    • Previously: Fifth Third Bancorp misses by $0.01, beats on revenue (Oct. 20)
    • FITB flat premarket
    | Oct. 20, 2015, 7:44 AM
  • Oct. 20, 2015, 6:34 AM
    • Fifth Third Bancorp (NASDAQ:FITB): Q3 EPS of $0.39 misses by $0.01.
    • Revenue of $1.62B (+13.3% Y/Y) beats by $110M.
    | Oct. 20, 2015, 6:34 AM | 3 Comments
  • Oct. 19, 2015, 5:30 PM
  • Oct. 19, 2015, 11:32 AM
    • “It’s like the forgotten, high-quality regional bank,” says John Toohey of USAA Investments. “It’s got a combination of improving profitability, better capital management, high-quality management, and earnings potential if interest rates rise, and it is trading at one of the lowest valuations in the group.”
    • Fifth Third's (FITB +1%) dividend yield of 2.8% is 40-60 basis points higher than peers like M&T Bank, Huntington Bancshares, and SunTrust, and its forward P/E multiple of 10.7x is 60-250 basis points lower.
    • To compensate for revenue challenges and restructure for the popularlity of mobile banking, Fifth Third has been among the more aggressive in branch closings, with plans to cut about 8% of its network by the middle of next year. There's also a focus on commercial banking, which will benefit more than other lines in a rising rate environment.
    • Then there's Vantiv. Fifth Third spun it off six years ago, but still holds a 23% stake worth more than $2B. The bank plans to gradually pare that, and most expect the money to be used to fund buybacks. Guggenheim's David Darst says investors aren't properly grasping this value.
    | Oct. 19, 2015, 11:32 AM
  • Oct. 7, 2015, 8:15 AM
    • At issue were about 1.4K mortgages - originated from 2003 to 2013 - the bank failed to report were defective, says the DOJ. The matter arose in part from a whistleblower suit filed by the bank's chief appraiser who alleged a number of commercial and residential mortgage violations, including fraudulent appraisal practices.
    • Fifth Third (NASDAQ:FITB) will pay $85M to make the government go away.
    | Oct. 7, 2015, 8:15 AM
  • Oct. 6, 2015, 3:30 PM
    • Dan Poston joined Fifth Third (NASDAQ:FITB) in 2001, and was CFO from 2009 until late in 2013, when he was forced out of the role over SEC charges of improper accounting of commercial property loans (the bank paid a $6.5M fine, and Poston paid $100K).
    • Poston moved into a new role at the bank - Chief Strategy and Administrative Officer - but left on Oct. 1 to join Vantiv as an EVP.
    • The severance payment is "customary for someone at Dan's level," says a Fifth Third spokesman.
    • Previously: Fifth Third settles SEC accounting charges (Dec. 4, 2013)
    | Oct. 6, 2015, 3:30 PM | 4 Comments
  • Oct. 2, 2015, 9:08 AM
    | Oct. 2, 2015, 9:08 AM | 22 Comments
  • Sep. 17, 2015, 2:37 PM
    • It'll be at least a little while longer until banks and insurers get the higher rates they are hoping will boost sluggish profits, as the Fed holds its fire this month.
    • The "dots" however are still projecting at least one rate hike before year-end.
    • The SPDR KBW Regional Banking ETF (KRE -1.4%), and the SPDR KBW Bank ETF (KBE -1.2%).
    • BofA (BAC -1.7%), Wells Fargo (WFC -1.2%), Regions (RF -2%), KeyCorp (KEY -1.8%), BB&T (BBT -1.7%), Fifth Third (FITB -2.4%), MetLife (MET -2.2%), Prudential Financial (PRU -1.9%), Schwab (SCHW -2.2%), Ameritrade (AMTD -2%), E*&Trade (ETFC -1.2%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Sep. 17, 2015, 2:37 PM | 16 Comments
  • Sep. 17, 2015, 8:15 AM
    • The retail evolution in numbers: Average monthly branch transactions of 5.9M in Q2 fell from 6.4M a year earlier, and 7M a year before that. Volume by ATM and mobile channels rose 38% in Q2 after rising 31% in Q2 of 2014, and 22% the previous year. Total banking center staff is down 16% from Dec. 2012 to June 2015.
    • The bank expects to have completed all of its more than 100 planned branch closings by the middle of next year, creating $65M in savings. The closings so far have shown no material increase in household attrition, says Fifth Third (NASDAQ:FITB).
    • Presentation slides
    | Sep. 17, 2015, 8:15 AM
  • Sep. 15, 2015, 4:22 PM
    • Fifth Third Bancorp (NASDAQ:FITB) declares $0.13/share quarterly dividend, in line with previous.
    • Forward yield 2.59%
    • Payable Oct. 20; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Sep. 15, 2015, 4:22 PM
  • Sep. 3, 2015, 9:17 AM
    • In line with the bank's consolidation plan announced at the start of the summer, Fifth Third Bancorp (NASDAQ:FITB) agrees to sell 17 Pittsburgh branch locations, the retail accounts, certain private banking deposits, and related loan relationships to First National Bank of Pennsylvania. The deal is expected to close early next year.
    • Fifth Third will continue to do commercial business in Pittsburgh, as well as wealth management, institutional services, and mortgage origination.
    | Sep. 3, 2015, 9:17 AM
  • Aug. 26, 2015, 9:51 AM
    • Alongside its upgrade of Zions Bancorp, Bernstein buys the dip in Fifth Third Bancorp (FITB +2.9%), boosting to Outperform from Neutral. The price target of $25 (from $23) is 27% above last night's closing price.
    • Bernstein also joins Guggenheim in upgrading Citizens Financial Group (CFG +2.6%).
    • In other regional bank upgrades, BB&T (BBT +2.5%) is boosted to Outperform with $44 price target at BMO Capital.
    | Aug. 26, 2015, 9:51 AM
  • Jul. 21, 2015, 7:26 AM
    • Q2 net income of $292M or $0.36 per share vs. $416M and $0.49 one year ago, but a number of non-operating charges and gains makes year-over-year comparison difficult.
    • Net interest income of $892M vs. $905M one year ago, with net interest margin of 2.9% down 25 basis points.
    • Noninterest income excluding items of $637M vs. $585M a year ago. Service charges on deposits of $139M flat Y/Y. Mortgage banking revenue of $117M up 50%. Corporate banking revenue of $113M up 6%. Investment advisory revenue of $105M up 3%.
    • Noninterest expense of $947M vs. $954M. Salaries, wages, and incentives of $383M up 4%.
    • Net losses charged-off as a percent of averages loans and leases of 0.37% down 8 basis points from a year ago.
    • CET 1 ratio of 9.30%. Tangible book value per share of $14.62 slips from $14.85 last quarter.
    • Conference call at 9 ET
    • Previously: Fifth Third Bancorp misses by $0.02, misses on revenue (July 21)
    • FITB -0.15%
    | Jul. 21, 2015, 7:26 AM
  • Jul. 21, 2015, 6:34 AM
    • Fifth Third Bancorp (NASDAQ:FITB): Q2 EPS of $0.36 misses by $0.02.
    • Revenue of $1.45B (-11.6% Y/Y) misses by $20M.
    | Jul. 21, 2015, 6:34 AM
Company Description
Fifth Third Bancorp is a diversified financial services company. It operates as a bank holding company through its subsidiary Fifth Third Bank, which provides banking and financial services, offers retail and commercial banking, consumer lending services and investment advisory services. The... More
Sector: Financial
Industry: Regional - Midwest Banks
Country: United States