Q2 2024 EPS Estimates for Fifth Third Bancorp (NASDAQ:FITB) Raised by DA Davidson

Fifth Third Bancorp (NASDAQ:FITB) – DA Davidson boosted their Q2 2024 earnings estimates for shares of Fifth Third Bancorp in a research note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $0.86 per share for the quarter, up from their prior forecast of $0.82. DA Davidson currently has a “Neutral” rating and a $39.00 target price on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.28 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2024 earnings at $3.37 EPS.

FITB has been the topic of several other reports. Morgan Stanley reiterated an “equal weight” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 22nd. JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and upped their price target for the company from $37.50 to $39.50 in a report on Wednesday, May 1st. Robert W. Baird reiterated a “neutral” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 1st. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, UBS Group reissued a “neutral” rating and issued a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.26.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $36.49 on Monday. The company has a market capitalization of $24.96 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.52 and a beta of 1.24. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $39.14. The firm’s 50-day moving average is $36.92 and its 200 day moving average is $35.59. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91.

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

Hedge Funds Weigh In On Fifth Third Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Financial Synergies Wealth Advisors Inc. acquired a new stake in Fifth Third Bancorp during the first quarter worth about $29,000. GoalVest Advisory LLC increased its position in Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 560 shares during the last quarter. Denali Advisors LLC acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $36,000. Financial Management Professionals Inc. increased its position in Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Friedenthal Financial acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $48,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,500 shares of the 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 completion of the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at $5,134,575. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the company’s 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 transaction, the executive vice president now owns 136,922 shares in the company, valued at approximately $5,134,575. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kala Gibson sold 14,857 shares of the 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 owns 46,646 shares in the company, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.84%. Fifth Third Bancorp’s payout ratio is 44.44%.

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.