DA Davidson Weighs in on Fifth Third Bancorp’s Q2 2024 Earnings (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Investment analysts at DA Davidson issued their Q2 2024 earnings estimates for Fifth Third Bancorp in a report released on Monday, April 22nd. DA Davidson analyst P. Winter forecasts that the financial services provider will post earnings of $0.82 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $39.00 target price on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.20 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2024 earnings at $3.30 EPS and FY2025 earnings at $3.60 EPS.

A number of other equities research analysts also recently commented on the stock. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (up from $39.00) on shares of Fifth Third Bancorp in a report on Monday. Morgan Stanley restated an “equal weight” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a report on Monday. Barclays boosted their target price on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, UBS Group restated a “neutral” rating and issued a $39.00 target price (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.31.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $37.23 on Tuesday. The company has a market cap of $25.36 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 12 month low of $22.46 and a 12 month high of $37.41. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50-day simple moving average of $35.42 and a 200-day simple moving average of $32.10.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly 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 firm posted $0.78 earnings per share.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.76%. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the sale, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction on Monday, March 11th. The shares were 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 directly owns 229,344 shares in the company, valued at $8,407,751.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,357 shares of company stock valued at $1,693,888. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. acquired a new stake in Fifth Third Bancorp in the first quarter valued at $29,000. GoalVest Advisory LLC increased its stake in Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 560 shares during the last quarter. Denali Advisors LLC bought a new stake in Fifth Third Bancorp during the fourth quarter valued at $36,000. Financial Management Professionals Inc. increased its stake in Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Fifth Third Bancorp by 322.0% during the third 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. 83.79% of the stock is owned by institutional investors and hedge funds.

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.