Fifth Third Bancorp (FITB) Set to Announce Quarterly Earnings on Friday

Fifth Third Bancorp (NASDAQ:FITB) is set to post its quarterly earnings results before the market opens on Friday, April 19th. Analysts expect Fifth Third Bancorp to post earnings of $0.68 per share for the quarter. Fifth Third Bancorp has set its FY 2024 guidance at EPS and its Q1 2024 guidance at EPS.Individual interested in listening to the company’s earnings conference call can do so using this link.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.22. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $2.15 billion. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. During the same quarter in the prior year, the company earned $1.04 earnings per share. On average, analysts expect Fifth Third Bancorp to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $34.10 on Thursday. The stock has a market cap of $23.23 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.31 and a beta of 1.27. The business’s fifty day moving average is $35.14 and its 200 day moving average is $31.68. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.41. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors 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 yield of 4.11%. Fifth Third Bancorp’s payout ratio is 43.34%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was 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 owns 139,422 shares in the company, valued at $5,072,172.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO James C. Leonard sold 26,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares in the company, valued at $8,407,751.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the sale, the executive vice president now owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently added to or reduced their stakes in FITB. Norges Bank purchased a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $185,924,000. BlackRock Inc. lifted its stake in shares of Fifth Third Bancorp by 6.2% during the 1st quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock worth $1,565,617,000 after acquiring an additional 3,448,642 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $73,081,000. Morgan Stanley lifted its stake in shares of Fifth Third Bancorp by 18.8% during the 4th quarter. Morgan Stanley now owns 11,944,073 shares of the financial services provider’s stock worth $391,885,000 after acquiring an additional 1,891,388 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of Fifth Third Bancorp by 20.2% during the 4th quarter. Nuveen Asset Management LLC now owns 7,026,829 shares of the financial services provider’s stock worth $242,491,000 after acquiring an additional 1,179,474 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. Barclays increased their target price on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Morgan Stanley increased their target price on Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Evercore ISI increased their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Royal Bank of Canada increased their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 22nd. Finally, Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.63.

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.