Fifth Third Bancorp (FITB) Set to Announce Quarterly Earnings on Friday

Fifth Third Bancorp (NASDAQ:FITB) will announce its earnings results before the market opens on Friday, April 19th. Analysts expect the company to announce earnings of $0.68 per share for the quarter. Fifth Third Bancorp has set its FY 2024 guidance at EPS and its Q1 2024 guidance at EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.22. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the prior year, the firm posted $1.04 EPS. On average, analysts expect Fifth Third Bancorp to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Fifth Third Bancorp Stock Up 0.0 %

Shares of NASDAQ FITB opened at $34.10 on Thursday. Fifth Third Bancorp has a 12-month low of $22.46 and a 12-month high of $37.41. The company has a market cap of $23.23 billion, a P/E ratio of 10.56, a P/E/G ratio of 1.31 and a beta of 1.27. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96. The stock has a fifty day moving average price of $35.14 and a 200 day moving average price of $31.68.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.35 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a yield of 4.11%. Fifth Third Bancorp’s dividend payout ratio is currently 43.34%.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 26,500 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. 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

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after acquiring an additional 734,403 shares during the last quarter. BlackRock Inc. increased its stake in shares of Fifth Third Bancorp by 6.2% in the first quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock valued at $1,565,617,000 after purchasing an additional 3,448,642 shares during the period. Geode Capital Management LLC increased its stake in shares of Fifth Third Bancorp by 2.0% in the first quarter. Geode Capital Management LLC now owns 14,874,154 shares of the financial services provider’s stock valued at $395,400,000 after purchasing an additional 296,945 shares during the period. Morgan Stanley increased its stake in shares of Fifth Third Bancorp by 18.8% in the fourth quarter. Morgan Stanley now owns 11,944,073 shares of the financial services provider’s stock valued at $391,885,000 after purchasing an additional 1,891,388 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 6.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 11,192,862 shares of the financial services provider’s stock valued at $481,741,000 after purchasing an additional 721,901 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FITB shares. Barclays increased their price target on Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Morgan Stanley increased their price target on Fifth Third Bancorp from $29.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. UBS Group reiterated a “neutral” rating and issued a $39.00 price target (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Evercore ISI increased their price target on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Finally, Wells Fargo & Company raised their target price on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.63.

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.