Fifth Third Bancorp (NASDAQ:FITB) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Fifth Third Bancorp (NASDAQ:FITB) issued its quarterly earnings data on Friday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05, Briefing.com reports. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. During the same period in the previous year, the firm posted $0.78 earnings per share. Fifth Third Bancorp updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $36.25 on Monday. The company has a market cap of $24.69 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.38 and a beta of 1.27. 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 52 week low of $22.46 and a 52 week high of $37.41. The business has a fifty day simple moving average of $35.21 and a 200-day simple moving average of $31.89.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the sale, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was 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 $5,072,172.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares in the company, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. ICA Group Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $38,000. Covestor Ltd lifted its stake in shares of Fifth Third Bancorp by 43.9% during the first quarter. Covestor Ltd now owns 1,219 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 372 shares in the last quarter. Clear Street Markets LLC lifted its stake in shares of Fifth Third Bancorp by 93.4% during the first quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 647 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $51,000. Finally, Harbour Investments Inc. lifted its stake in shares of Fifth Third Bancorp by 110.8% in the fourth quarter. Harbour Investments Inc. now owns 1,779 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 935 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research reports. UBS Group reaffirmed a “neutral” rating and set a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Evercore ISI raised their price target on Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Morgan Stanley raised their price target on Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Royal Bank of Canada raised their price target on Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 22nd. Finally, Stephens reissued an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $35.63.

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.