7 Defensive Bank Stock Plays From FBR
Fifth Third Bancorp
Shares of Fifth Third Bancorp (FITB) of Cincinnati closed at $12.54 Friday, down 1% year-to-date, following an 11% decline during 2011.
Based on a quarterly payout of eight cents, the shares have a dividend yield of 2.55%.
The shares trade for 1.2 times tangible book value, and for eight times the consensus 2013 earnings estimate of $1.51. The consensus 2013 EPS estimate is $1.49.
On Monday, Miller cut his price target for Fifth Third's shares by a dollar to $17, "to reflect slightly lower earnings expectations as a result of falling asset yields,," while saying the price target was equal to 11.5 times his 2013 EPS estimate of $1.48, "which is still a premium to large-cap peers." The analyst cut his "FY12E GAAP and operating EPS to $1.53 and $1.40 from $1.56 and $1.42, respectively, largely based on our expectation for a lower net interest margin whose earnings impact is partially offset by higher mortgage banking revenues." Interested in more on Fifth Third Bancorp? See TheStreet Ratings' report card for this stock.Select the service that is right for you!
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