Fifth Third Bancorp (NASDAQ:FITB) Posts Earnings Results

Fifth Third Bancorp (NASDAQ:FITB) issued its quarterly earnings results on Tuesday. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.06, FiscalAI reports. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%.

Fifth Third Bancorp Stock Up 0.3%

Fifth Third Bancorp stock opened at $49.16 on Tuesday. The company has a market cap of $32.50 billion, a PE ratio of 14.67, a PEG ratio of 0.86 and a beta of 0.97. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $50.47. The business’s 50-day simple moving average is $46.16 and its two-hundred day simple moving average is $44.40. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp’s payout ratio is currently 47.76%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FITB shares. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Tuesday, January 6th. Royal Bank Of Canada lifted their target price on Fifth Third Bancorp from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Janney Montgomery Scott increased their price objective on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Evercore ISI set a $52.00 target price on Fifth Third Bancorp in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.00.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently added to or reduced their stakes in the stock. MUFG Securities EMEA plc purchased a new position in shares of Fifth Third Bancorp in the second quarter valued at approximately $81,000. EverSource Wealth Advisors LLC lifted its holdings in Fifth Third Bancorp by 45.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after buying an additional 759 shares during the last quarter. Alaethes Wealth LLC purchased a new position in shares of Fifth Third Bancorp during the second quarter worth about $207,000. Hilltop Holdings Inc. purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at about $210,000. Finally, Equitable Holdings Inc. acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth $212,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.