DA Davidson Weighs in on Fifth Third Bancorp’s Q2 2024 Earnings (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Fifth Third Bancorp in a research report issued to clients and investors on Monday, April 22nd. DA Davidson analyst P. Winter forecasts that the financial services provider will post earnings of $0.82 per share for the quarter. 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 $3.20 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2024 earnings at $3.30 EPS and FY2025 earnings at $3.60 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. During the same period in the previous year, the firm earned $0.78 EPS.

Other research analysts have also issued reports about the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Stephens reiterated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Morgan Stanley reiterated an “equal weight” rating and set a $36.00 target price on shares of Fifth Third Bancorp in a research report on Monday. Finally, Evercore ISI upped their target price 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.31.

Fifth Third Bancorp Stock Up 0.5 %

FITB stock opened at $37.23 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $25.36 billion, a PE ratio of 11.82, a PEG ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.41. The business’s 50 day simple moving average is $35.42 and its 200 day simple moving average is $32.10.

Institutional Investors Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of 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 valued at $3,012,472,000 after buying an additional 734,403 shares during the period. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 34.2% in the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock valued at $1,416,985,000 after buying an additional 10,472,392 shares during the period. Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 8.4% in the third quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock valued at $492,117,000 after buying an additional 1,500,653 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 14,860,365 shares of the financial services provider’s stock valued at $376,413,000 after buying an additional 393,937 shares during the period. Finally, Boston Partners increased its stake in shares of Fifth Third Bancorp by 11.5% in the fourth quarter. Boston Partners now owns 14,575,735 shares of the financial services provider’s stock valued at $502,719,000 after buying an additional 1,499,194 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total value 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 $8,407,751.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total value 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 $8,407,751.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kala Gibson sold 14,857 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the transaction, the executive vice president now owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,357 shares of company stock worth $1,693,888. 0.50% of the stock is currently owned by insiders.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.76%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

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.