Boston, MA 06/19/2014 (wallstreetpr) – Fifth Third Bancorp (NASDAQ:FITB) has announced that its board of directors has approved a cash dividend offer of 13 cents a share, for the second quarter. The dividend offers represent an 8.3% increase from 12 cents a share that was paid to shareholders the last time. The new dividend offer will be paid to shareholders on July 17 to shareholders on record as of June 30.
FITB Passes its Stress Test
The increase in the dividend offer follows, the posting of first quarter earnings per share of 36 cents that missed analyst estimates by 12.2%. Despite missing analyst’s estimates, the company repurchased a total of 8 million common shares. The bank has already passed its stress test subsequently achieving the approval of its capital plan by the Federal Reserve.
The financial service company has also entered into a deal to sell part of its stake in Vantiv Inc. (NYSE:VNTV). The transaction is expected to generate approximately $125 million in pre-tax gain in the second quarter. Part of the proceeds are to be used for the repurchase of commons Shares.
FITB New Mobile Feature for Checking Account Balances
Separately Fifth Third Bancorp (NASDAQ:FITB) has announced the introduction of a new mobile feature that will allow customers to have access to their account balances without having to log into mobile banking. The service is already available for iPhone and Android users. The bank continues to make significant enhancements on ways in which consumers get important information about their banking accounts.
The newly unveiled service links Fifth Third Bancorp (NASDAQ:FITB) app with saved user ID. Activation only requires customers to log in, and select the Now Balance portal in the preferences menu, one can also turn off the feature at any time within the app. Fifth Third Bancorp has also updated its mobile app introducing new improved navigation features. Customers can now with ease, be able to view their account balances and transaction history as well as make payment for various bills.
