Fifth Third Bancorp to Post Q2 2024 Earnings of $0.84 Per Share, Wedbush Forecasts (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at Wedbush upped their Q2 2024 earnings estimates for shares of Fifth Third Bancorp in a research report issued to clients and investors on Monday, June 24th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $0.84 per share for the quarter, up from their prior forecast of $0.79. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.27 per share. Wedbush also issued estimates for Fifth Third Bancorp’s Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $0.91 EPS and Q3 2025 earnings at $0.90 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the firm posted $0.78 EPS.

A number of other equities research analysts also recently commented on FITB. JPMorgan Chase & Co. raised shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $37.50 to $39.50 in a research report on Wednesday, May 1st. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. UBS Group reissued a “neutral” rating and set a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $37.26.

Fifth Third Bancorp Trading Down 0.2 %

NASDAQ:FITB opened at $35.85 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $39.14. The company has a market cap of $24.52 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24. The company has a 50 day simple moving average of $36.88 and a two-hundred day simple moving average of $35.50.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.91%. The ex-dividend date is Friday, June 28th. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. 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 hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC grew its holdings in Fifth Third Bancorp by 3.8% during the 1st quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Fifth Third Bancorp by 3.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock valued at $294,000 after purchasing an additional 300 shares during the last quarter. Lcnb Corp grew its stake in Fifth Third Bancorp by 1.7% in the 4th quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 319 shares in the last quarter. MCF Advisors LLC grew its stake in Fifth Third Bancorp by 0.8% in the 1st quarter. MCF Advisors LLC now owns 41,594 shares of the financial services provider’s stock worth $1,558,000 after acquiring an additional 328 shares in the last quarter. Finally, Independence Bank of Kentucky grew its stake in Fifth Third Bancorp by 21.1% in the 4th quarter. Independence Bank of Kentucky now owns 2,038 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 355 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

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.