Fifth Third Bancorp (NASDAQ:FITB) Issues Earnings Results, Beats Expectations By $0.05 EPS

Fifth Third Bancorp (NASDAQ:FITB) released its quarterly earnings results on Friday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05, Briefing.com reports. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. During the same quarter in the previous year, the firm posted $0.78 EPS. Fifth Third Bancorp updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Fifth Third Bancorp Stock Up 5.9 %

FITB stock opened at $36.25 on Friday. Fifth Third Bancorp has a 52-week low of $22.46 and a 52-week high of $37.41. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $24.69 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.38 and a beta of 1.27. The company’s 50 day simple moving average is $35.21 and its 200-day simple moving average is $31.83.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is 44.44%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird reissued a “neutral” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 1st. Evercore ISI lifted their price target on shares of 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. UBS Group reaffirmed a “neutral” rating and issued a $39.00 price target (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Finally, Stephens reaffirmed an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. 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 stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $35.63.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $36.38, for a total value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the business’s 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 completion of the sale, the executive vice president now directly 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.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Fairfield Bush & CO. lifted its stake in shares of Fifth Third Bancorp by 1.4% in the first quarter. Fairfield Bush & CO. now owns 36,482 shares of the financial services provider’s stock worth $1,570,000 after buying an additional 502 shares during the last quarter. Aviva PLC lifted its position in Fifth Third Bancorp by 22.0% during the 1st quarter. Aviva PLC now owns 255,764 shares of the financial services provider’s stock worth $11,008,000 after acquiring an additional 46,064 shares during the last quarter. Prudential PLC bought a new stake in Fifth Third Bancorp during the first quarter valued at about $754,000. Cetera Investment Advisers grew its position in shares of Fifth Third Bancorp by 13.0% in the first quarter. Cetera Investment Advisers now owns 54,958 shares of the financial services provider’s stock valued at $2,365,000 after purchasing an additional 6,341 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in shares of Fifth Third Bancorp by 60.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 121,378 shares of the financial services provider’s stock worth $5,224,000 after purchasing an additional 45,910 shares during the period. 83.79% of the stock is owned by institutional investors.

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.