Fifth Third Bancorp (NASDAQ:FITB) Issues Quarterly Earnings Results

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) posted its quarterly earnings results on Friday. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05, Briefing.com reports. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the company earned $0.78 earnings per share. Fifth Third Bancorp updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $36.25 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96. The company has a fifty day simple moving average of $35.21 and a two-hundred day simple moving average of $31.83. The company has a market cap of $24.69 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth 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.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.35 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.86%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $29.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Evercore ISI increased their price objective on shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Finally, 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $35.63.

Check Out Our Latest Stock Analysis on FITB

Insider Buying and Selling

In related news, EVP Jude Schramm sold 5,000 shares of the business’s 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 completion of the transaction, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the sale, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in FITB. Clear Street Markets LLC raised its holdings in shares of Fifth Third Bancorp by 93.4% in the first quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock valued at $36,000 after buying an additional 647 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $38,000. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $51,000. Covestor Ltd increased its stake in shares of Fifth Third Bancorp by 43.9% during the first quarter. Covestor Ltd now owns 1,219 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 372 shares during the period. Finally, Harbour Investments Inc. increased its stake in shares of Fifth Third Bancorp by 110.8% during the fourth quarter. Harbour Investments Inc. now owns 1,779 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 935 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Company Profile

(Get Free Report)

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.

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Earnings History for Fifth Third Bancorp (NASDAQ:FITB)

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