Fifth Third Bancorp (FITB) Set to Announce Earnings on Friday

Fifth Third Bancorp (NASDAQ:FITB) is scheduled to be announcing its earnings results before the market opens on Friday, April 19th. Analysts expect the company to announce earnings of $0.68 per share for the quarter. Fifth Third Bancorp has set its FY 2024 guidance at EPS and its Q1 2024 guidance at EPS.Investors interested in participating in the company’s conference call can do so using this link.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.22. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the company posted $1.04 EPS. On average, analysts expect Fifth Third Bancorp to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Fifth Third Bancorp Price Performance

FITB stock opened at $34.09 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.41. The firm’s fifty day moving average is $35.13 and its 200 day moving average is $31.66. The firm has a market cap of $23.22 billion, a P/E ratio of 10.55, a P/E/G ratio of 1.31 and a beta of 1.27.

Fifth Third Bancorp Announces Dividend

The firm also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio is currently 43.34%.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction on Monday, March 11th. The stock was 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 owns 229,344 shares in the company, valued at $8,407,751.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the sale, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 26,500 shares of the company’s 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 sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Institutional Trading of Fifth Third Bancorp

Several institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC grew its position in shares of Fifth Third Bancorp by 8.7% during the fourth quarter. Penserra Capital Management LLC now owns 3,568 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 285 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Fifth Third Bancorp by 1.7% during the third quarter. Mercer Global Advisors Inc. ADV now owns 18,752 shares of the financial services provider’s stock valued at $599,000 after buying an additional 321 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Fifth Third Bancorp by 1.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,098 shares of the financial services provider’s stock valued at $823,000 after buying an additional 370 shares during the last quarter. Toroso Investments LLC boosted its stake in Fifth Third Bancorp by 5.0% during the fourth quarter. Toroso Investments LLC now owns 7,844 shares of the financial services provider’s stock valued at $257,000 after buying an additional 371 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Fifth Third Bancorp by 43.9% during the first 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 during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 22nd. Barclays increased their target price on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $29.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Stephens reissued an “equal weight” rating and issued a $41.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Finally, Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. One 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, the stock has a consensus rating of “Hold” and a consensus target price of $35.63.

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.