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

Fifth Third Bancorp (NASDAQ:FITB) – DA Davidson increased their Q2 2024 EPS estimates for shares of Fifth Third Bancorp in a report released on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $0.86 for the quarter, up from their previous forecast of $0.82. DA Davidson 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 issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the prior year, the company earned $0.78 EPS.

Several other analysts have also recently weighed in on FITB. Wolfe Research raised Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a report on Friday, May 31st. Robert W. Baird reaffirmed a “neutral” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 1st. Morgan Stanley reissued an “equal weight” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $37.50 to $39.50 in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $37.26.

Fifth Third Bancorp Stock Down 0.6 %

NASDAQ:FITB opened at $36.27 on Monday. The company has a market cap of $24.81 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 2.52 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s fifty day moving average price is $36.92 and its two-hundred day moving average price is $35.59. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $39.14.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed 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. This represents a $1.40 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Friday, June 28th. Fifth Third Bancorp’s payout ratio is 44.44%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the firm’s 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Kala Gibson sold 14,857 shares of the business’s 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 transaction, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jude Schramm sold 2,500 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares in the company, valued at approximately $5,134,575. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Fifth Third Bancorp

Several large investors have recently bought and sold shares of the business. Bright Futures Wealth Management LLC. acquired a new position in Fifth Third Bancorp during the first quarter worth about $347,000. Abich Financial Wealth Management LLC boosted its position in Fifth Third Bancorp by 39.6% in the first quarter. Abich Financial Wealth Management LLC now owns 3,224 shares of the financial services provider’s stock valued at $120,000 after buying an additional 915 shares in the last quarter. Cetera Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 85.1% during the first quarter. Cetera Advisors LLC now owns 50,353 shares of the financial services provider’s stock worth $1,874,000 after buying an additional 23,146 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Fifth Third Bancorp by 155.2% in the 1st quarter. Cetera Investment Advisers now owns 170,005 shares of the financial services provider’s stock valued at $6,326,000 after acquiring an additional 103,392 shares during the last quarter. Finally, PGGM Investments acquired a new stake in shares of Fifth Third Bancorp during the first quarter valued at about $1,977,000. 83.79% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

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.