Fifth Third Bancorp (NASDAQ:FITB) Expected to Post Q3 2024 Earnings of $0.82 Per Share

Fifth Third Bancorp (NASDAQ:FITB - Free Report) - Investment analysts at Wedbush reduced their Q3 2024 earnings per share estimates for shares of Fifth Third Bancorp in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.82 for the quarter, down from their prior estimate of $0.84. The consensus estimate for Fifth Third Bancorp's current full-year earnings is $3.17 per share. Wedbush also issued estimates for Fifth Third Bancorp's Q1 2025 earnings at $0.92 EPS, Q2 2025 earnings at $0.88 EPS, Q3 2025 earnings at $0.88 EPS and Q4 2025 earnings at $0.87 EPS.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, January 19th. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.22. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $2.15 billion. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. During the same quarter in the previous year, the firm earned $1.04 EPS.

FITB has been the topic of several other reports. Stephens reissued an "equal weight" rating and set a $41.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Royal Bank of Canada raised their target price 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. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 7th. Keefe, Bruyette & Woods lowered shares of Fifth Third Bancorp from an "outperform" rating to a "market perform" rating and boosted their target price for the company from $33.00 to $37.00 in a research report on Tuesday, January 9th. Finally, The Goldman Sachs Group boosted their price objective on shares of Fifth Third Bancorp from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Monday, December 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Hold" and a consensus price target of $35.72.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded up $0.47 during midday trading on Thursday, reaching $37.21. 5,183,851 shares of the company traded hands, compared to its average volume of 5,634,350. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 12 month low of $22.46 and a 12 month high of $37.41. The firm has a market capitalization of $25.35 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The business has a 50 day moving average of $34.75 and a two-hundred day moving average of $30.72.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider's stock worth $3,012,472,000 after acquiring an additional 734,403 shares during the period. BlackRock Inc. raised its position in Fifth Third Bancorp by 0.4% during the 2nd quarter. BlackRock Inc. now owns 59,032,045 shares of the financial services provider's stock valued at $1,547,230,000 after purchasing an additional 262,637 shares in the last quarter. Capital World Investors lifted its holdings in shares of Fifth Third Bancorp by 34.2% in the 4th quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider's stock worth $1,416,985,000 after buying an additional 10,472,392 shares during the period. State Street Corp grew its position in shares of Fifth Third Bancorp by 2.3% during the 2nd quarter. State Street Corp now owns 31,753,969 shares of the financial services provider's stock worth $842,650,000 after buying an additional 709,615 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 8.4% during the third quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider's stock valued at $492,117,000 after buying an additional 1,500,653 shares during the period. 83.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares of the company's stock, valued at approximately $5,072,172.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Jude Schramm sold 5,000 shares of the firm's stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the sale, the executive vice president now directly owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO James C. Leonard sold 26,500 shares of the firm's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, 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. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Wednesday, March 27th. Fifth Third Bancorp's dividend payout ratio is presently 43.34%.

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.