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

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) announced its quarterly earnings results on Friday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05, Briefing.com reports. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. 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 Performance

Fifth Third Bancorp stock opened at $36.25 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96. Fifth Third Bancorp has a 1 year low of $22.46 and a 1 year high of $37.41. The company has a market cap of $24.69 billion, a PE ratio of 11.51, a PEG ratio of 1.38 and a beta of 1.27. The company’s 50-day moving average is $35.21 and its two-hundred day moving average is $31.83.

Fifth Third Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

FITB has been the topic of several analyst reports. Royal Bank of Canada upped their target price on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, January 22nd. Evercore ISI upped their target price on shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their price target 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. Robert W. Baird reiterated a “neutral” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 1st. Finally, Stephens reiterated 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 given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $35.63.

Get Our Latest Analysis on Fifth Third Bancorp

Insider Buying and Selling at Fifth Third Bancorp

In related news, COO James C. Leonard sold 26,500 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO James C. Leonard sold 26,500 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were 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 disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

Large investors have recently bought and sold shares of the business. Vestor Capital LLC increased its stake in Fifth Third Bancorp by 107.8% during the 2nd quarter. Vestor Capital LLC now owns 7,259 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 3,765 shares in the last quarter. State of Wyoming increased its stake in Fifth Third Bancorp by 399.7% during the 2nd quarter. State of Wyoming now owns 5,912 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 4,729 shares in the last quarter. O Dell Group LLC bought a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $142,000. Icon Wealth Advisors LLC bought a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $128,000. Finally, Penserra Capital Management LLC grew its stake in shares of Fifth Third Bancorp by 8.7% during the 4th quarter. Penserra Capital Management LLC now owns 3,568 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 285 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

About Fifth Third Bancorp

(Get Free Report)

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.

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Earnings History for Fifth Third Bancorp (NASDAQ:FITB)

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