Fifth Third Bancorp (NASDAQ:FITB) Expected to Earn Q2 2024 Earnings of $0.82 Per Share

Fifth Third Bancorp (NASDAQ:FITB - Free Report) - Analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Fifth Third Bancorp in a note issued to investors on Monday, April 22nd. DA Davidson analyst P. Winter expects that the financial services provider will earn $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.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $3.32 billion during the quarter, compared to analysts' expectations of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same period last year, the firm posted $0.78 earnings per share.

FITB has been the subject of several other reports. Robert W. Baird reiterated a "neutral" rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wells Fargo & Company raised their target price 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 shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an "in-line" rating in a report on Thursday, March 28th. Royal Bank of Canada raised their target price on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 22nd. Finally, Stephens restated an "equal weight" rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $36.31.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock traded up $0.51 on Tuesday, hitting $37.06. The company had a trading volume of 4,292,851 shares, compared to its average volume of 5,493,635. The business has a 50-day simple moving average of $35.26 and a 200-day simple moving average of $31.97. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $25.25 billion, a PE ratio of 11.60, a PEG ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.41.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider's stock valued at $3,012,472,000 after buying an additional 734,403 shares during the last quarter. Capital World Investors grew its stake in 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 valued at $1,416,985,000 after buying an additional 10,472,392 shares during the last quarter. Invesco Ltd. grew its stake in Fifth Third Bancorp by 8.4% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. grew 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 valued at $376,413,000 after buying an additional 393,937 shares during the last quarter. Finally, Boston Partners grew its stake in Fifth Third Bancorp by 11.5% in the 4th quarter. Boston Partners now owns 14,575,735 shares of the financial services provider's stock valued at $502,719,000 after buying an additional 1,499,194 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares in the company, valued at approximately $5,072,172.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kala Gibson sold 14,857 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares in the company, valued at approximately $1,696,981.48. 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 quarter. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.35 dividend. 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 payout ratio is 44.44%.

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.