Fifth Third Bancorp Expected to Earn Q2 2024 Earnings of $0.82 Per Share (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Stock analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Fifth Third Bancorp in a note issued to investors on Monday, April 22nd. DA Davidson analyst P. Winter expects that the financial services provider will post earnings per share of $0.82 for the quarter. DA Davidson currently has a “Neutral” rating and a $39.00 price target on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.19 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2024 earnings at $3.30 EPS and FY2025 earnings at $3.60 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the firm posted $0.78 earnings per share.

Several other research analysts also recently commented on the company. Evercore ISI lifted their price objective on Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada upped their price target on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 22nd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price target (up previously from $39.00) on shares of Fifth Third Bancorp in a report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.31.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $36.55 on Tuesday. The firm has a fifty day simple moving average of $35.26 and a two-hundred day simple moving average of $31.97. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.41. The company has a market capitalization of $24.90 billion, a PE ratio of 11.60, a P/E/G ratio of 1.38 and a beta of 1.27.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a yield of 3.83%. Fifth Third Bancorp’s dividend payout ratio is 44.44%.

Insiders Place Their Bets

In other news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the transaction, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Kala Gibson sold 14,857 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the transaction, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares in the company, valued at approximately $5,072,172.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,357 shares of company stock valued at $1,693,888. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB increased its position in shares of Fifth Third Bancorp by 57.5% during the 4th quarter. Nordea Investment Management AB now owns 737,397 shares of the financial services provider’s stock valued at $25,551,000 after purchasing an additional 269,152 shares during the last quarter. Raymond James & Associates increased its holdings in Fifth Third Bancorp by 11.7% during the fourth quarter. Raymond James & Associates now owns 661,215 shares of the financial services provider’s stock valued at $22,805,000 after buying an additional 69,273 shares during the last quarter. International Assets Investment Management LLC raised its position in Fifth Third Bancorp by 48.0% in the fourth quarter. International Assets Investment Management LLC now owns 350,894 shares of the financial services provider’s stock worth $12,102,000 after acquiring an additional 113,838 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,860,365 shares of the financial services provider’s stock worth $376,413,000 after purchasing an additional 393,937 shares during the period. Finally, Vicus Capital lifted its position in Fifth Third Bancorp by 4.1% during the fourth quarter. Vicus Capital now owns 9,977 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.