Fifth third Bank Stock Price Boosted By Share buybacks

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Fifth third Bank Stock Price

Fifth Third Bank Stock Price

Fifth Third (Nasdaq: FITB), Cincinnati’s largest locally based bank and the nation’s 13th-biggest, said it reached a deal to buy back $990 million worth of its own stock from Goldman Sachs & Co., according to a Securities and Exchange Commission filing. Shares in Fifth Third soared 3.5 per cent over a two-day stretch. The stock gained 91 cents combined Monday and Tuesday to close Tuesday at $27.02. It’s approaching its 52-week high of $28.97 achieved March 1. Full Story

FITB Fifth Third Bancorp daily Stock Chart

Robin Hood robbed the rich to help the poor; in the modern-day version the Rich rob both Robin Hood and the poor to become even richer.  The rich in this case are the greedy corporations and the officers that run the show behind the scenes. In this lazy world, the only thing that matters is money and how to make as much of it as fast as possible. Hence, the best way to boost earnings without doing anything is to buy back boatloads of shares and in doing so artificially boost earnings.  It is a perfect scam.  Full Story

The next round of share buybacks has started, and this one promises to be even bigger than the last one. EPS will magically improve, corporate officers will walk away with millions, and the market will continue to rocket higher. One day the party will end but today’s corporate officers don’t care because they will have banked millions by the time that comes to pass.

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From a long term perspective, the current action could lead to a mouthwatering and possibly a screaming buy type event; the screaming buy type event is a very rare situation indeed, and it always leads to humongous gains. We have an unusual development in the sentiment arena on both fronts; there are interesting developments in terms of market sentiment and the anxiety gauge. In short, there is no reason to panic, and if this selling continues at this rate it will lead to a monstrous buying event and here is the kicker, all those that panicked will miss it, for once panic sets in; it is very hard to differentiate between opportunity and disaster. Think back to 2008, and look at how many missed the boat because the assumption was that the markets could only go lower.

This is why we divide our money into lots, for it’s moments like this that provide us with extra ammunition to purchase top-rated stocks at an even better price. Hence, we would use this pullback to load up on positions in FITB and Top Tech stocks as this could prove to a once in a lifetime opportunity.

 

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