DA Davidson Has Strong Estimate for FITB FY2024 Earnings

Fifth Third Bancorp (NASDAQ:FITB) – Equities researchers at DA Davidson boosted their FY2024 earnings estimates for shares of Fifth Third Bancorp in a research report issued on Tuesday, October 22nd. DA Davidson analyst P. Winter now forecasts that the financial services provider will earn $3.35 per share for the year, up from their prior estimate of $3.34. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.31 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s Q4 2024 earnings at $0.89 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday. Evercore ISI upped 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 research note on Wednesday, October 2nd. StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Bank of America raised their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.28.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.66 on Wednesday. The company has a market capitalization of $29.87 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.94 and a beta of 1.22. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $45.71. The stock has a fifty day simple moving average of $42.32 and a 200 day simple moving average of $39.24.

Institutional Investors Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Gateway Investment Advisers LLC raised its stake in Fifth Third Bancorp by 2.5% in the first quarter. Gateway Investment Advisers LLC now owns 135,669 shares of the financial services provider’s stock valued at $5,048,000 after purchasing an additional 3,271 shares in the last quarter. Mcdonald Partners LLC purchased a new stake in Fifth Third Bancorp in the first quarter worth approximately $213,000. St. Johns Investment Management Company LLC boosted its stake in Fifth Third Bancorp by 8.9% in the first quarter. St. Johns Investment Management Company LLC now owns 22,132 shares of the financial services provider’s stock worth $824,000 after buying an additional 1,814 shares in the last quarter. Signet Financial Management LLC grew its position in Fifth Third Bancorp by 2.8% during the first quarter. Signet Financial Management LLC now owns 74,054 shares of the financial services provider’s stock valued at $2,756,000 after acquiring an additional 2,025 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Fifth Third Bancorp by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 142,826 shares of the financial services provider’s stock worth $5,315,000 after acquiring an additional 1,940 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.37 dividend. The ex-dividend date was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.39%. Fifth Third Bancorp’s payout ratio is presently 46.98%.

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.