Fifth Third Bancorp to Post Q2 2024 Earnings of $0.82 Per Share, DA Davidson Forecasts (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Fifth Third Bancorp in a report issued on Monday, April 22nd. DA Davidson analyst P. Winter anticipates that the financial services provider will post earnings of $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.

A number of other research firms have also issued reports on FITB. Royal Bank of Canada lifted their price objective on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 22nd. Wells Fargo & Company boosted their price objective 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. Evercore ISI raised their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target (up previously from $39.00) on shares of Fifth Third Bancorp in a research note on Monday. Finally, UBS Group restated a “neutral” rating and set a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. One 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, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $36.31.

Fifth Third Bancorp Price Performance

FITB stock opened at $37.06 on Tuesday. The stock has a 50-day simple moving average of $35.35 and a 200-day simple moving average of $32.07. The firm has a market cap of $25.25 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.38 and a beta of 1.27. 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 1 year low of $22.46 and a 1 year high of $37.41.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate 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 last year, the business posted $0.78 EPS.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given 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 yield of 3.78%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Buying and Selling

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were 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 $1,696,981.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. 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 three months. 0.50% of the stock is owned by insiders.

Institutional Trading of Fifth Third Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Daiwa Securities Group Inc. grew its holdings in shares of Fifth Third Bancorp by 6.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 61,168 shares of the financial services provider’s stock worth $2,110,000 after acquiring an additional 3,476 shares during the last quarter. Nordea Investment Management AB boosted 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 worth $25,551,000 after buying an additional 269,152 shares during the period. Raymond James & Associates increased its position in shares of Fifth Third Bancorp by 11.7% in the fourth 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 in the last quarter. International Assets Investment Management LLC lifted its position in shares of Fifth Third Bancorp by 48.0% in the 4th quarter. International Assets Investment Management LLC now owns 350,894 shares of the financial services provider’s stock valued at $12,102,000 after acquiring an additional 113,838 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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. 83.79% of the stock is owned by institutional investors and hedge funds.

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.