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

Fifth Third Bancorp (NASDAQ:FITB) issued its quarterly earnings data on Monday. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.08, Briefing.com reports. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS.

Fifth Third Bancorp Trading Up 0.1%

Shares of NASDAQ FITB opened at $50.44 on Monday. The company’s 50 day simple moving average is $53.49 and its 200 day simple moving average is $52.95. Fifth Third Bancorp has a fifty-two week low of $40.65 and a fifty-two week high of $59.50. The firm has a market capitalization of $45.74 billion, a P/E ratio of 16.92, a P/E/G ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 57.34%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FITB shares. Stephens cut their price objective on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 22nd. Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. UBS Group decreased their price target on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Finally, DA Davidson lifted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $60.92.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.