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

Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at DA Davidson issued their Q2 2024 EPS estimates for shares of Fifth Third Bancorp in a report issued on Monday, April 22nd. DA Davidson analyst P. Winter expects that the financial services provider will earn $0.82 per share for the quarter. DA Davidson has a “Neutral” rating and a $39.00 price objective 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.

FITB has been the topic of several other research reports. Robert W. Baird reiterated a “neutral” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 1st. Stephens reissued an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Barclays increased their price target on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a report on Monday. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (up previously from $39.00) on shares of Fifth Third Bancorp in a research note on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.31.

Fifth Third Bancorp Stock Up 0.8 %

Shares of FITB stock opened at $36.55 on Tuesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $22.46 and a fifty-two week high of $37.41. The firm 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. The stock’s 50-day simple moving average is $35.26 and its 200-day simple moving average is $31.97.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB increased its holdings in shares of Fifth Third Bancorp by 57.5% in the fourth 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 stake in shares of Fifth Third Bancorp by 11.7% in the 4th quarter. Raymond James & Associates now owns 661,215 shares of the financial services provider’s stock worth $22,805,000 after acquiring an additional 69,273 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Fifth Third Bancorp by 48.0% during the 4th 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. boosted its position in shares of Fifth Third Bancorp by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,860,365 shares of the financial services provider’s stock valued at $376,413,000 after acquiring an additional 393,937 shares during the last quarter. Finally, Vicus Capital boosted its position in shares of Fifth Third Bancorp by 4.1% during the 4th quarter. Vicus Capital now owns 9,977 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 397 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Kala Gibson sold 14,857 shares of Fifth Third Bancorp stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the sale, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares in the company, valued at approximately $1,696,981.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the sale, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The disclosure for this sale can be found here. Insiders sold a total of 46,357 shares of company stock worth $1,693,888 in the last 90 days. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.83%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

About Fifth Third Bancorp

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.