Fifth Third Bancorp (NASDAQ:FITB) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Fifth Third Bancorp (NASDAQ:FITB) announced its quarterly earnings results on Friday. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05), RTT News reports. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the firm earned $0.92 EPS. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. Fifth Third Bancorp updated its Q4 2024 guidance to EPS.

Fifth Third Bancorp Stock Down 2.9 %

Shares of NASDAQ:FITB opened at $43.37 on Tuesday. The company has a market capitalization of $29.67 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $45.71. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day moving average of $42.24 and a 200-day moving average of $39.18.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.37 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.41%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

Insider Buying and Selling

In other news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares in the company, valued at $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,000 shares of company stock worth $2,169,920 in the last 90 days. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley increased their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Barclays raised their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday. Evercore ISI boosted their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Argus raised their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Bank of America lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $42.28.

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.