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Fifth Third Bancorp (NASDAQ: FTIB) is recently trading down $1.73 to $11 in pre-open trading.
FITB announced the planned issuance of $1 billion in tier 1 capital in the form of convertible preferred shares. FITB declared a Q2 dividend of 15 cents, a reduction from the previous 44 cents per share quarterly level. FITB says the anticipated sales of non-core business would supplement common equity by an estimated additional $1 billion.
FITB overall option implied volatility of 86 is above its 26-week average of 47 according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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