FY2024 EPS Estimates for Fifth Third Bancorp (NASDAQ:FITB) Cut by DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at DA Davidson reduced their FY2024 earnings per share estimates for Fifth Third Bancorp in a research report issued on Monday, July 22nd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings per share of $3.34 for the year, down from their prior estimate of $3.37. DA Davidson currently has a “Neutral” rating and a $39.00 price target on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.30 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2025 earnings at $3.60 EPS.

FITB has been the topic of several other reports. Royal Bank of Canada increased their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $37.50 to $39.50 in a research report on Wednesday, May 1st. Argus boosted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Robert W. Baird reissued a “neutral” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $40.15.

Fifth Third Bancorp Trading Up 2.1 %

Shares of FITB opened at $41.83 on Wednesday. The business’s 50-day moving average price is $37.31 and its 200-day moving average price is $36.11. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $42.26. The stock has a market cap of $28.61 billion, a PE ratio of 13.28, a P/E/G ratio of 2.35 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the previous year, the business earned $0.87 EPS.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 3.35%. Fifth Third Bancorp’s payout ratio is 44.44%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now owns 134,422 shares in the company, valued at $5,376,880. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares of the company’s stock, valued at $5,376,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,000 shares of company stock worth $1,523,670. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Fifth Third Bancorp

Large investors have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in shares of Fifth Third Bancorp by 28.3% in the 3rd quarter. American Century Companies Inc. now owns 300,561 shares of the financial services provider’s stock worth $7,613,000 after purchasing an additional 66,255 shares during the period. SG Americas Securities LLC increased its stake in shares of Fifth Third Bancorp by 65.6% in the 4th quarter. SG Americas Securities LLC now owns 66,675 shares of the financial services provider’s stock worth $2,300,000 after purchasing an additional 26,408 shares in the last quarter. Raymond James & Associates raised its holdings in Fifth Third Bancorp by 11.7% in the 4th quarter. Raymond James & Associates now owns 661,215 shares of the financial services provider’s stock worth $22,805,000 after purchasing an additional 69,273 shares during the period. CVA Family Office LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $142,000. Finally, Family Legacy Inc. bought a new stake in Fifth Third Bancorp during the fourth quarter valued at about $227,000. 83.79% of the stock is currently owned by institutional investors.

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.