Fifth Third Bancorp (NASDAQ:FITB) to Post Q2 2024 Earnings of $0.86 Per Share, DA Davidson Forecasts

Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at DA Davidson boosted their Q2 2024 EPS estimates for shares of Fifth Third Bancorp in a research note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $0.86 per share for the quarter, up from their prior forecast of $0.82. DA Davidson currently has a “Neutral” rating and a $39.00 price target on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.28 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2024 earnings at $3.37 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the company earned $0.78 EPS.

Several other research analysts also recently weighed in on FITB. Wells Fargo & Company upped their price objective 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. Robert W. Baird restated a “neutral” rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wolfe Research upgraded shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective on the stock in a report on Friday, May 31st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.50 to $39.50 in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $37.26.

Fifth Third Bancorp Stock Up 2.0 %

Fifth Third Bancorp stock opened at $36.98 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The firm’s fifty day moving average is $36.91 and its 200 day moving average is $35.60. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $39.14. The company has a market capitalization of $25.30 billion, a PE ratio of 11.74, a PEG ratio of 2.52 and a beta of 1.24.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of FITB. Financial Synergies Wealth Advisors Inc. purchased a new stake in Fifth Third Bancorp in the first quarter valued at approximately $29,000. GoalVest Advisory LLC grew its position in Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 560 shares during the last quarter. Denali Advisors LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $36,000. Financial Management Professionals Inc. grew its position in Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $48,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the transaction, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total value of $93,750.00. Following the sale, the executive vice president now directly owns 136,922 shares of the company’s stock, valued at $5,134,575. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kala Gibson sold 14,857 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now directly owns 46,646 shares in the company, valued at $1,696,981.48. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.79%. Fifth Third Bancorp’s dividend payout ratio is presently 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.