What is DA Davidson’s Forecast for FITB FY2024 Earnings?

Fifth Third Bancorp (NASDAQ:FITB) – Stock analysts at DA Davidson raised their FY2024 earnings per share (EPS) estimates for Fifth Third Bancorp in a research note issued to investors on Tuesday, October 22nd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $3.35 per share for the year, up from their prior estimate of $3.34. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.31 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s Q4 2024 earnings at $0.89 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the company earned $0.92 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis.

A number of other equities research analysts also recently issued reports on FITB. Bank of America upped their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Morgan Stanley increased their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.28.

Fifth Third Bancorp Trading Up 0.4 %

Shares of FITB stock opened at $44.06 on Wednesday. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $45.71. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s 50 day simple moving average is $42.40 and its two-hundred day simple moving average is $39.27. The company has a market cap of $30.14 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22.

Institutional Trading of Fifth Third Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors lifted its holdings in shares of Fifth Third Bancorp by 13.4% during the 1st quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after purchasing an additional 5,512,333 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after acquiring an additional 399,827 shares during the last quarter. LSV Asset Management raised its stake in Fifth Third Bancorp by 2.3% in the 1st quarter. LSV Asset Management now owns 4,434,700 shares of the financial services provider’s stock worth $165,015,000 after acquiring an additional 99,593 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Fifth Third Bancorp by 3.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock worth $62,096,000 after acquiring an additional 56,298 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

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.