Q3 2024 Earnings Forecast for Fifth Third Bancorp Issued By Wedbush (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Research analysts at Wedbush boosted their Q3 2024 earnings per share estimates for Fifth Third Bancorp in a report issued on Friday, April 19th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.84 for the quarter, up from their prior estimate of $0.83. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.19 per share.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $0.78 earnings per share.

Several other equities research analysts also recently issued reports on the stock. Stephens restated an “equal weight” rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. UBS Group restated a “neutral” rating and set a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Morgan Stanley restated an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a research report on Monday. Royal Bank of Canada raised their price objective on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 22nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target (up from $39.00) on shares of Fifth Third Bancorp in a research report on Monday. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $36.31.

Fifth Third Bancorp Trading Up 0.8 %

Shares of FITB stock opened at $36.55 on Monday. The firm has a 50 day moving average price of $35.26 and a two-hundred day moving average price of $31.97. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $24.90 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 12-month low of $22.46 and a 12-month high of $37.41.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FITB. CWM LLC increased its holdings in shares of Fifth Third Bancorp by 8.7% during the third quarter. CWM LLC now owns 27,550 shares of the financial services provider’s stock worth $698,000 after buying an additional 2,195 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Fifth Third Bancorp by 322.0% during the third quarter. Geneos Wealth Management Inc. now owns 1,730 shares of the financial services provider’s stock worth $44,000 after buying an additional 1,320 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Fifth Third Bancorp by 6.2% during the third quarter. IFP Advisors Inc now owns 26,620 shares of the financial services provider’s stock worth $674,000 after buying an additional 1,560 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Fifth Third Bancorp by 46.3% in the third quarter. Global Retirement Partners LLC now owns 3,147 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 996 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Fifth Third Bancorp by 3.7% in the third quarter. SG Americas Securities LLC now owns 40,267 shares of the financial services provider’s stock valued at $1,020,000 after purchasing an additional 1,442 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now directly owns 46,646 shares in the company, valued at $1,696,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now directly owns 46,646 shares in the company, valued at $1,696,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The disclosure for this sale can be found here. Insiders sold 46,357 shares of company stock worth $1,693,888 over the last three months. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is presently 44.44%.

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.