Wedbush Comments on Fifth Third Bancorp’s Q1 2024 Earnings (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Stock analysts at Wedbush upped their Q1 2024 earnings per share estimates for shares of Fifth Third Bancorp in a note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.70 for the quarter, up from their prior estimate of $0.69. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.17 per share. Wedbush also issued estimates for Fifth Third Bancorp’s FY2025 earnings at $3.55 EPS.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.22. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations 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 firm posted $1.04 EPS.

FITB has been the topic of a number of other reports. Barclays lifted their price target on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods cut Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $33.00 to $37.00 in a research note on Tuesday, January 9th. Royal Bank of Canada boosted their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 22nd. The Goldman Sachs Group boosted their target price on Fifth Third Bancorp from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, December 18th. Finally, Evercore ISI boosted their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and a consensus target price of $35.72.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $37.21 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day simple moving average is $34.75 and its two-hundred day simple moving average is $30.72. The stock has a market capitalization of $25.35 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 1.41 and a beta of 1.26. Fifth Third Bancorp has a one year low of $22.46 and a one year high of $37.41.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 43.34%.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction 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 owns 139,422 shares in the company, valued at $5,072,172.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction 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 owns 139,422 shares in the company, valued at $5,072,172.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Fifth Third Bancorp

A number of hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC increased its position in Fifth Third Bancorp by 8.7% during the fourth quarter. Penserra Capital Management LLC now owns 3,568 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position 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 worth $294,000 after buying an additional 300 shares in the last quarter. Lcnb Corp increased its position 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 worth $658,000 after buying an additional 319 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in Fifth Third Bancorp by 1.7% in the third quarter. Mercer Global Advisors Inc. ADV now owns 18,752 shares of the financial services provider’s stock worth $599,000 after buying an additional 321 shares in the last quarter. Finally, Independence Bank of Kentucky increased its position in 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 worth $70,000 after buying an additional 355 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.