DA Davidson Predicts Higher Earnings for Fifth Third Bancorp

Fifth Third Bancorp (NASDAQ:FITB) – Stock analysts at DA Davidson lifted their FY2024 earnings per share estimates for shares of Fifth Third Bancorp in a research report issued to clients and investors on Tuesday, October 22nd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $3.35 per share for the year, up from their previous estimate of $3.34. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.31 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s Q4 2024 earnings at $0.89 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the company earned $0.92 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year.

A number of other analysts have also commented on FITB. StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Jefferies Financial Group increased their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Barclays upped their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America raised their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.28.

Fifth Third Bancorp Stock Up 0.7 %

NASDAQ FITB opened at $43.66 on Wednesday. The stock has a market capitalization of $29.87 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $45.71. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $42.32 and a 200-day moving average of $39.24.

Hedge Funds Weigh In On Fifth Third Bancorp

Large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC lifted its position in Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 312 shares during the last quarter. American Capital Advisory LLC bought a new stake in Fifth Third Bancorp in the 2nd quarter valued at $34,000. Centerpoint Advisors LLC grew its holdings in Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after buying an additional 750 shares in the last quarter. Family Firm Inc. acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $52,000. Finally, West Oak Capital LLC acquired a new position in shares of Fifth Third Bancorp in the third quarter valued at about $68,000. 83.79% of the stock is owned by institutional investors.

Insider Activity

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.39%. Fifth Third Bancorp’s payout ratio is currently 46.98%.

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.