Fifth Third Bancorp (NASDAQ:FITB) to Post Q3 2024 Earnings of $0.84 Per Share, Wedbush Forecasts

Fifth Third Bancorp (NASDAQ:FITB) – Research analysts at Wedbush boosted their Q3 2024 earnings estimates for Fifth Third Bancorp in a note issued to investors on Friday, April 19th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.84 per share for the quarter, up from their prior estimate of $0.83. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.19 per share.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same period in the previous year, the company posted $0.78 earnings per share.

Other equities analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Morgan Stanley restated an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a report on Monday. UBS Group restated a “neutral” rating and set a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Stephens restated an “equal weight” rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Finally, Royal Bank of Canada upped their price objective on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $36.31.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $37.06 on Monday. The company has a market capitalization of $25.25 billion, a PE ratio of 11.77, a P/E/G ratio of 1.38 and a beta of 1.27. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $35.35 and a two-hundred day simple moving average of $32.07. Fifth Third Bancorp has a one year low of $22.46 and a one year high of $37.41.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a yield of 3.78%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the sale, the chief operating officer now owns 229,344 shares in the company, valued at $8,407,751.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the sale, the chief operating officer now owns 229,344 shares in the company, valued at approximately $8,407,751.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares in the company, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. Insiders have sold a total of 46,357 shares of company stock worth $1,693,888 over the last quarter. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FITB. CWM LLC raised its stake in shares of Fifth Third Bancorp by 8.7% during the 3rd quarter. CWM LLC now owns 27,550 shares of the financial services provider’s stock worth $698,000 after buying an additional 2,195 shares during the period. Geneos Wealth Management Inc. raised its stake in Fifth Third Bancorp by 322.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 1,730 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 1,320 shares during the last quarter. IFP Advisors Inc raised its stake in Fifth Third Bancorp by 6.2% in the 3rd quarter. IFP Advisors Inc now owns 26,620 shares of the financial services provider’s stock valued at $674,000 after purchasing an additional 1,560 shares during the last quarter. Global Retirement Partners LLC raised its stake in Fifth Third Bancorp by 46.3% in the 3rd quarter. Global Retirement Partners LLC now owns 3,147 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 996 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Fifth Third Bancorp by 3.7% in the 3rd quarter. SG Americas Securities LLC now owns 40,267 shares of the financial services provider’s stock valued at $1,020,000 after purchasing an additional 1,442 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

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.