Compass Point Reiterates a 'Buy' on Fifth Third Bancorp (FITB); Confirming Capital Deployment Story

Compass Point reiterates a 'Buy' on Fifth Third Bancorp (NASDAQ: FITB) price target of $17.00.

Analyst, Kevin Barker, said, "Reiterating rating and price target following Fifth Third's announcement that the Federal Reserve had "no objection" to their re-submitted capital plan as part of the 2012 CCAR process. The revised capital plan included $600M of share repurchases through 1Q13, roughly $300M above our modeled estimates and a $0.10 dividend, inline with our estimate. The company also announced they have entered into an agreement to repurchase $350M of stock in the near future. Due to these developments we are adjusting our FY12 EPS from $1.58 to $1.59 and raising our FY13 EPS estimate from $1.50 to $1.55."

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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