DA Davidson Lifts Earnings Estimates for Fifth Third Bancorp

Fifth Third Bancorp (NASDAQ:FITB) – Equities research analysts at DA Davidson upped their FY2024 earnings per share (EPS) estimates for Fifth Third Bancorp in a research report issued to clients and investors on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $3.36 for the year, up from their previous estimate of $3.35. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.34 per share.

FITB has been the subject of several other reports. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Piper Sandler raised their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays raised their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Finally, Evercore ISI upped their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $45.32.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $42.93 on Friday. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a market cap of $28.79 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 2.19 and a beta of 1.22. The company has a 50 day simple moving average of $45.64 and a two-hundred day simple moving average of $41.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 earnings per share.

Institutional Trading of Fifth Third Bancorp

Hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its holdings in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC grew its holdings in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth about $39,000. Finally, American Capital Advisory LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is currently owned by company insiders.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

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.