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

Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at Wedbush lifted their Q3 2024 earnings estimates for Fifth Third Bancorp in a research report issued to clients and investors on Friday, April 19th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $0.84 per share for the quarter, up from their previous forecast of $0.83. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.19 per share.

FITB has been the topic of a number of other reports. UBS Group reaffirmed a “neutral” rating and issued a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. Evercore ISI increased their target price on shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Stephens reiterated an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Finally, Royal Bank of Canada increased their target price 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 investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $36.31.

Fifth Third Bancorp Stock Up 1.4 %

Fifth Third Bancorp stock opened at $37.06 on Monday. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.41. The firm has a market capitalization of $25.25 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.38 and a beta of 1.27. The firm’s fifty day moving average price is $35.35 and its two-hundred day moving average price is $32.07. 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 (NASDAQ:FITB) last issued its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm earned $0.78 earnings per share.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently made changes to their positions in FITB. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth approximately $29,000. GoalVest Advisory LLC lifted its holdings in shares of Fifth Third Bancorp by 145.5% in the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 560 shares during the last quarter. Denali Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $36,000. Financial Management Professionals Inc. increased its stake in shares of Fifth Third Bancorp by 1,000.0% in the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after buying an additional 1,000 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of Fifth Third Bancorp by 322.0% in the third quarter. Geneos Wealth Management Inc. now owns 1,730 shares of the financial services provider’s stock worth $44,000 after buying an additional 1,320 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was 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 of the company’s stock, valued at $5,072,172.36. The disclosure for this sale can be found here. Insiders sold a total of 46,357 shares of company stock worth $1,693,888 over the last three months. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Announces Dividend

The business 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 of this dividend was Wednesday, March 27th. This represents a $1.40 annualized dividend and a yield of 3.78%. Fifth Third Bancorp’s payout ratio is presently 44.44%.

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.