UPDATE: Jefferies Increases PT to $16.50 on Fifth Third Bancorp on Capital Action Approval
Jefferies reiterated its Buy rating on Fifth Third Bancorp (NASDAQ: FITB) and increased its price target from $15 to $16.
Jefferies commented, "Approved capital actions (dividend to $0.10/quarter from $0.08, up to $600mm of share repurchases through 1Q13) were better-than-expected, coming in at just under $900mm vs. our expectation of $500mm+. Given the larger-than-expected buyback, estimates move up slightly (2012 up $0.02 to $1.62, 2013 up $0.05 to $1.50). We increase our price target to $16.50 (from $16) to reflect our higher estimates."
Fifth Third Bancorp closed at $14.39 on Tuesday.
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