UBS Reiterates a 'Buy' on Fifth Third Bancorp (FITB); Raises Numbers As Revised Plan Gets Approved

August 22, 2012 11:06 AM EDT
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Price: $26.29 +1.15%

Rating Summary:
    11 Buy, 21 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS reiterates a 'Buy' on Fifth Third Bancorp (NASDAQ: FITB) price target of $17.00 (from $16.00).

Analyst, Stephen Scinicariello, said, "FITB announced that the Federal Reserve did not object to the revised CCAR 2012 capital plan submitted on 6/8/12. Proposed capital actions include a 25% increase in the quarterly dividend from $0.08 to $0.10 (subject to Board approval in 3Q12), potential share repurchases of $600MM through 1Q13 (100MM shares authorized), and additional repurchases equivalent to post tax gains on Vantiv share sales. Overall, these additional capital actions were even greater than we had anticipated."

"Due to the significant incremental deployment of capital, we are raising our estimates for ’12 from $1.56 to $1.58 and for ’13 from $1.65 to $1.72."

For an analyst ratings summary and ratings history on Fifth Third Bancorp click here. For more ratings news on Fifth Third Bancorp click here.

Shares of Fifth Third Bancorp closed at $14.39 yesterday.

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