Fifth Third Bancorp to Post Q3 2024 Earnings of $0.82 Per Share, Zacks Research Forecasts (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at Zacks Research upped their Q3 2024 earnings per share (EPS) estimates for shares of Fifth Third Bancorp in a report issued on Tuesday, September 17th. Zacks Research analyst R. Department now anticipates that the financial services provider will post earnings of $0.82 per share for the quarter, up from their previous forecast of $0.81. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.30 per share.

Other equities analysts have also issued reports about the company. Jefferies Financial Group boosted their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada boosted their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Evercore ISI reduced their target price on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research report on Tuesday, June 25th. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.16.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $42.62 on Thursday. The firm’s 50-day moving average is $40.97 and its 200-day moving average is $38.05. The company has a market cap of $29.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.93 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $43.37.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the firm posted $0.87 EPS.

Institutional Investors Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. bought a new position in Fifth Third Bancorp in the first quarter valued at about $29,000. American Capital Advisory LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Centerpoint Advisors LLC grew its position in shares of Fifth Third Bancorp by 125.0% during the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after buying an additional 750 shares during the period. Family Firm Inc. bought a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $52,000. Finally, Mather Group LLC. bought a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $56,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock valued at $2,269,920 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.47%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

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.