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In a report published Friday, Citigroup reiterated its Neutral rating on Fifth Third Bancorp
FITB, and slightly raised its price target from $15.00 to $16.00.
Citigroup noted, “We are increasing our 3Q12 EPS estimate from $0.37 to $0.38 (vs consensus of $0.38) on higher mortgage revenues as volumes remain strong and gain on sale margins appear to improve. Note our estimate include a $27 mil (2c hit) TRuPs redemption charge per guidance at 2Q. We forecast reported PTPP of $600 mil (ex TruPs charge) vs mgmt's estimate of in the $585 mil range...FITB's resubmitted capital plan received approval in late August which allowed for potential share buybacks of up to $600
million through 1Q13 and a dividend increase from 8c to 10c now officially approved by the Board...We model share repurchases of ~$350 million in 3Q12 as we expect the share repurchase transaction to be fully executed (90-95% compLeted on August 28) leaving Basel 3 Tier 1 Common to remain flattish at ~9.0% in 3Q.”
Fifth Third Bancorp closed on Thursday at $15.49.
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