Fifth Third Bancorp (NASDAQ:FITB) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Fifth Third Bancorp reported quarterly earnings of $0.91 per share, beating analysts' expectations of $0.90, and had revenues of $2.31 billion, surpassing the anticipated $2.28 billion.
• The company announced an increase in its quarterly dividend from $0.37 to $0.40 per share, resulting in an annualized dividend of $1.60 and a yield of 4.0%.
• Fifth Third Bancorp's stock has faced a 6.0% decline, with a recent market capitalization of $26.71 billion and analysts showing a consensus rating of "Moderate Buy" with a target price of $50.35.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) released its earnings results on Friday. The financial services provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.04, RTT News reports. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.28 billion. Fifth Third Bancorp had a return on equity of 13.31% and a net margin of 17.97%.During the same quarter in the prior year, the firm earned $0.78 earnings per share.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $40.36 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a 50-day simple moving average of $44.30 and a two-hundred day simple moving average of $40.79. The firm has a market capitalization of $26.71 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.16 and a beta of 0.95.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.0%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 49.69%.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Treasurer of the State of North Carolina boosted its stake in shares of Fifth Third Bancorp by 251.0% during the 2nd quarter. Treasurer of the State of North Carolina now owns 1,085,063 shares of the financial services provider's stock worth $44,629,000 after acquiring an additional 775,888 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 130.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,070,728 shares of the financial services provider's stock valued at $44,039,000 after buying an additional 606,587 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $24,780,000. Worldquant Millennium Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 204.9% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 549,322 shares of the financial services provider's stock valued at $22,594,000 after buying an additional 369,176 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of Fifth Third Bancorp by 1,006.3% during the 2nd quarter. Engineers Gate Manager LP now owns 311,056 shares of the financial services provider's stock valued at $12,794,000 after buying an additional 282,939 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Janney Montgomery Scott raised their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Truist Financial increased their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, September 12th. TD Cowen increased their target price on shares of Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Wolfe Research increased their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. Finally, Piper Sandler dropped their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.35.

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.