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

Fifth Third Bancorp (NASDAQ:FITB) announced its 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 net margin of 18.58% and a return on equity of 16.25%. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same quarter in the previous year, the company posted $0.78 EPS. Fifth Third Bancorp updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Fifth Third Bancorp Trading Up 5.9 %

Shares of NASDAQ:FITB opened at $36.25 on Friday. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.41. The company’s 50 day moving average is $35.21 and its two-hundred day moving average is $31.83. 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 company has a market cap of $24.69 billion, a PE ratio of 11.51, a P/E/G ratio of 1.38 and a beta of 1.27.

Fifth Third Bancorp Announces Dividend

The company also recently announced 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 3.86%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 1st. Royal Bank of Canada boosted their price target on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 22nd. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Barclays boosted their price target on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Evercore ISI boosted their price target on shares of 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, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $35.63.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO James C. Leonard sold 26,500 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at $8,407,751.04. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FITB. Clear Street Markets LLC boosted its holdings in shares of Fifth Third Bancorp by 93.4% in the 1st quarter. Clear Street Markets LLC now owns 1,340 shares of the financial services provider’s stock valued at $36,000 after buying an additional 647 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $38,000. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $51,000. Covestor Ltd boosted its holdings in shares of Fifth Third Bancorp by 43.9% in the 1st quarter. Covestor Ltd now owns 1,219 shares of the financial services provider’s stock valued at $52,000 after buying an additional 372 shares in the last quarter. Finally, Harbour Investments Inc. boosted its holdings in shares of Fifth Third Bancorp by 110.8% in the 4th quarter. Harbour Investments Inc. now owns 1,779 shares of the financial services provider’s stock valued at $58,000 after buying an additional 935 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.