Fifth Third Bancorp Expected to Earn Q3 2024 Earnings of $0.82 Per Share (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at Zacks Research raised their Q3 2024 earnings per share estimates for Fifth Third Bancorp in a research report issued on Tuesday, September 17th. Zacks Research analyst R. Department now anticipates that the financial services provider will earn $0.82 per share for the quarter, up from their prior forecast of $0.81. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.30 per share.

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

Several other equities analysts have also recently weighed in on FITB. Wolfe Research raised Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a report on Friday, May 31st. Stephens reissued an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Jefferies Financial Group upped their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada raised their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Evercore ISI reduced their target price on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $41.16.

Fifth Third Bancorp Stock Down 0.9 %

Shares of Fifth Third Bancorp stock opened at $43.24 on Thursday. 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 $43.85. The company has a market cap of $29.58 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22. The company’s 50 day moving average is $41.17 and its 200 day moving average is $38.14.

Institutional Trading of Fifth Third Bancorp

A number of large investors have recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. bought a new stake in Fifth Third Bancorp in the first quarter worth $29,000. American Capital Advisory LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Centerpoint Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 750 shares during the last quarter. Family Firm Inc. purchased a new position in Fifth Third Bancorp in the second quarter worth about $52,000. Finally, Mather Group LLC. bought a new stake in Fifth Third Bancorp during the first quarter worth approximately $56,000. Institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,500 shares of company stock worth $2,269,920. 0.50% of the stock is owned by corporate insiders.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.37 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.42%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

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.