Q2 2024 EPS Estimates for Fifth Third Bancorp Boosted by Wedbush (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Stock analysts at Wedbush raised their Q2 2024 EPS estimates for shares of Fifth Third Bancorp in a research report issued to clients and investors on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.84 for the quarter, up from their previous forecast of $0.79. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.27 per share. Wedbush also issued estimates for Fifth Third Bancorp’s Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $0.91 EPS and Q3 2025 earnings at $0.90 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the firm posted $0.78 EPS.

A number of other equities analysts have also recently issued reports on the stock. Evercore ISI decreased their price objective on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research report on Tuesday. UBS Group restated a “neutral” rating and issued a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $37.50 to $39.50 in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $37.26.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $35.93 on Wednesday. The stock has a market cap of $24.58 billion, a PE ratio of 11.41, a PEG ratio of 2.48 and a beta of 1.24. The company’s fifty day moving average is $36.85 and its 200 day moving average is $35.49. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $39.14. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Friday, June 28th. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total value of $93,750.00. Following the completion of the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The transaction was disclosed in a document filed 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 Fifth Third Bancorp stock in a transaction that occurred on Monday, April 22nd. The shares were 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 approximately $1,696,981.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at $5,134,575. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the company. SVB Wealth LLC increased its stake in Fifth Third Bancorp by 3.8% in the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Fifth Third Bancorp by 3.6% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock valued at $294,000 after acquiring an additional 300 shares during the period. Lcnb Corp lifted its holdings in Fifth Third Bancorp by 1.7% in the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after acquiring an additional 319 shares during the period. MCF Advisors LLC lifted its holdings in Fifth Third Bancorp by 0.8% in the first quarter. MCF Advisors LLC now owns 41,594 shares of the financial services provider’s stock valued at $1,558,000 after acquiring an additional 328 shares during the period. Finally, Independence Bank of Kentucky increased its position in shares of Fifth Third Bancorp by 21.1% in the fourth quarter. Independence Bank of Kentucky now owns 2,038 shares of the financial services provider’s stock valued at $70,000 after buying an additional 355 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

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.