Fifth Third Bancorp (NASDAQ:FITB) Releases Earnings Results, Beats Estimates By $0.87 EPS

Key Points

• Q1 EPS beat: Fifth Third reported EPS of $0.83, topping the consensus of ($0.04) by $0.87 while revenue came in slightly under at $2.86 billion versus an expected $2.91 billion; the bank posted a 13.53% return on equity and a 19.5% net margin.
• Dividend maintained: The company paid a quarterly dividend of $0.40 per share (annualized $1.60) for a yield of 3.2% and a payout ratio of 45.2%.
• Market and analyst view: Shares opened at $49.52 with a market cap of $44.84 billion and a P/E of 13.99; consensus rating is "Moderate Buy" with an average price target of $56.41.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) issued its earnings results on Friday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87, FiscalAI reports. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $49.52 on Friday. The business's fifty day moving average price is $48.75 and its two-hundred day moving average price is $46.79. The stock has a market cap of $44.84 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.02 and a beta of 0.95. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a one year low of $32.79 and a one year high of $55.44.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio is 45.20%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TD Cowen reissued a "buy" rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Barclays increased their target price on Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an "overweight" rating in a research note on Monday, January 5th. Wall Street Zen cut Fifth Third Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, February 7th. Stephens upped their price target on Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an "overweight" rating in a report on Thursday, December 18th. Finally, Morgan Stanley lowered their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $56.41.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of large investors have recently bought and sold shares of the stock. Equitable Holdings Inc. grew its holdings in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock valued at $232,000 after buying an additional 195 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of Fifth Third Bancorp by 1.9% during the fourth quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider's stock worth $545,000 after purchasing an additional 216 shares during the last quarter. GeoWealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 5.9% during the fourth quarter. GeoWealth Management LLC now owns 5,455 shares of the financial services provider's stock worth $255,000 after purchasing an additional 305 shares during the last quarter. Vise Technologies Inc. boosted its holdings in shares of Fifth Third Bancorp by 4.0% during the third quarter. Vise Technologies Inc. now owns 8,110 shares of the financial services provider's stock worth $361,000 after purchasing an additional 309 shares during the last quarter. Finally, Fortress Private Ledger LLC boosted its holdings in shares of Fifth Third Bancorp by 7.3% during the fourth quarter. Fortress Private Ledger LLC now owns 4,966 shares of the financial services provider's stock worth $232,000 after purchasing an additional 338 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

About Fifth Third Bancorp

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.

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