Fifth Third Bancorp (NASDAQ:FITB) Posts Earnings Results, Beats Estimates By $0.05 EPS

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, beating analysts’ consensus estimates 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%. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the firm 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 %

NASDAQ FITB traded up $2.03 during trading on Friday, hitting $36.25. The stock had a trading volume of 13,812,465 shares, compared to its average volume of 4,201,311. The firm has a 50 day moving average price of $35.21 and a 200 day moving average price of $31.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $24.69 billion, a PE ratio of 11.51, a PEG ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.41.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.86%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Analyst Ratings Changes

A number of brokerages have weighed in on FITB. Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $37.00 to $39.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Morgan Stanley raised their target price on Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada raised their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 22nd. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.63.

Insider Activity

In other news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp 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 owns 229,344 shares in the company, valued at approximately $8,407,751.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly 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. Also, EVP Jude Schramm sold 5,000 shares of the company’s 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 completion of the transaction, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FITB. Fairfield Bush & CO. boosted its holdings in shares of Fifth Third Bancorp by 1.4% in the first quarter. Fairfield Bush & CO. now owns 36,482 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 502 shares during the period. Aviva PLC boosted its holdings in shares of Fifth Third Bancorp by 22.0% in the first quarter. Aviva PLC now owns 255,764 shares of the financial services provider’s stock valued at $11,008,000 after acquiring an additional 46,064 shares during the period. Prudential PLC acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at approximately $754,000. Cetera Investment Advisers boosted its holdings in shares of Fifth Third Bancorp by 13.0% in the first quarter. Cetera Investment Advisers now owns 54,958 shares of the financial services provider’s stock valued at $2,365,000 after acquiring an additional 6,341 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its holdings in shares of Fifth Third Bancorp by 60.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 121,378 shares of the financial services provider’s stock valued at $5,224,000 after acquiring an additional 45,910 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

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.