Fifth Third Bancorp (NASDAQ:FITB) Releases Quarterly Earnings Results

Fifth Third Bancorp (NASDAQ:FITB) announced its quarterly earnings results on Friday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05, Briefing.com reports. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. During the same period in the prior year, the company earned $0.78 earnings per share. Fifth Third Bancorp updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $36.25 on Friday. The stock’s fifty day moving average price is $35.21 and its two-hundred day moving average price is $31.78. Fifth Third Bancorp has a one year low of $22.46 and a one year high of $37.41. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $24.69 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 1.30 and a beta of 1.27.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a yield of 3.86%. Fifth Third Bancorp’s payout ratio is currently 43.34%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FITB shares. Barclays increased their price objective on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. UBS Group reissued a “neutral” rating and set a $39.00 price target (down from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Stephens reissued an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Evercore ISI raised their price objective on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.63.

Insiders Place Their Bets

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

Hedge funds and other institutional investors have recently modified their holdings of the business. SageView Advisory Group LLC grew its position in Fifth Third Bancorp by 3.8% during the 4th quarter. SageView Advisory Group LLC now owns 27,507 shares of the financial services provider’s stock worth $973,000 after acquiring an additional 1,018 shares during the last quarter. O Dell Group LLC bought a new stake in Fifth Third Bancorp during the 4th quarter worth $142,000. Public Employees Retirement System of Ohio grew its position in Fifth Third Bancorp by 29.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 356,969 shares of the financial services provider’s stock worth $12,312,000 after acquiring an additional 80,353 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in Fifth Third Bancorp by 9.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 87,436 shares of the financial services provider’s stock worth $3,016,000 after acquiring an additional 7,806 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new stake in Fifth Third Bancorp during the 4th quarter worth $35,663,000. Institutional investors own 83.79% of the company’s stock.

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.