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

Fifth Third Bancorp (NASDAQ:FITB) – Wedbush increased their Q3 2024 EPS estimates for Fifth Third Bancorp in a research note issued on Wednesday, April 3rd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $0.83 for the quarter, up from their prior estimate of $0.82. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.18 per share. Wedbush also issued estimates for Fifth Third Bancorp’s Q1 2025 earnings at $0.90 EPS.

A number of other research firms have also recently issued reports on FITB. Barclays boosted their price objective on Fifth Third Bancorp from $34.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Evercore ISI boosted their price objective 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. Robert W. Baird restated a “neutral” rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wells Fargo & Company increased their target price 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.44.

Fifth Third Bancorp Price Performance

FITB stock opened at $36.39 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96. Fifth Third Bancorp has a 12 month low of $22.46 and a 12 month high of $37.41. The stock has a market cap of $24.79 billion, a PE ratio of 11.27, a P/E/G ratio of 1.35 and a beta of 1.27. The company has a 50-day moving average price of $35.04 and a 200 day moving average price of $31.34.

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 (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.22. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $2.15 billion. Fifth Third Bancorp had a return on equity of 16.25% and a net margin of 18.58%. During the same period last year, the company earned $1.04 EPS.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is 43.34%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 5,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The sale was disclosed in a 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 business’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp 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 transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after buying an additional 734,403 shares during the period. BlackRock Inc. raised its position in shares of Fifth Third Bancorp by 6.2% during the 1st quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock worth $1,565,617,000 after purchasing an additional 3,448,642 shares during the last quarter. Capital World Investors boosted its holdings in Fifth Third Bancorp by 34.2% in the 4th quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock worth $1,416,985,000 after buying an additional 10,472,392 shares during the last quarter. State Street Corp lifted its position in shares of Fifth Third Bancorp by 2.3% in the second quarter. State Street Corp now owns 31,753,969 shares of the financial services provider’s stock valued at $842,650,000 after acquiring an additional 709,615 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Fifth Third Bancorp by 8.4% in the 3rd quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock valued at $492,117,000 after purchasing an additional 1,500,653 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.