The KBW Bank Index (I:BKX) was up slightly to close at 56.87, with all but seven of the 24 index components ending with gains.
Shares of Fifth Third Bancorp of Cincinnati have returned 13% this year, following a 23% return in 2012. The shares trade for 1.4 times tangible book value, according to Thomson Reuters Bank Insight, and for 9.8 times the consensus 2014 earnings estimate of $1.73. The consensus 2013 EPS estimate is $1.71.
Based on a quarterly payout of 11 cents, the shares have a dividend yield of 2.58%.
Fifth Third on April 18 reported first-quarter net income attributable to common shareholders of $413 million, or 46 cents a share, compared with $390 million, or 43 cents a share, in the fourth quarter, and $421 million, or 45 cents a share, in the first quarter of 2012.The first-quarter results included a benefit of roughly $22 million, or 2 cents a share after taxes, on the valuation of the company's warrant holds in Vantiv (VNTV), Fifth Third's former payment processing subsidiary, which was spun off in 2009. The results for the first quarter of 2012 had been boosted by positive adjustments of roughly $90 million, or 10 cents a share, on Vantiv shares and warrants. Excluding the special items, Fifth Third said its first-quarter earnings came to 44 cents a share, increasing 22% from the first quarter of 2012. Please see TheStreet's earnings coverage for a discussion on Fifth Third's financial results, which included very strong commercial loan growth. FITB data by YCharts
Interested in more on Fifth Third Bancorp? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV