Fifth Third Bancorp (NASDAQ:FITB) Releases Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Fifth Third Bancorp (NASDAQ:FITB) announced its quarterly earnings data on Friday. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05), RTT News reports. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 earnings per share. Fifth Third Bancorp updated its Q4 2024 guidance to EPS.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $44.67 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $45.71. The business’s 50-day moving average price is $42.15 and its 200 day moving average price is $39.08. The firm has a market cap of $30.56 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.94 and a beta of 1.22.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.31%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FITB. Jefferies Financial Group increased their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Bank of America increased their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Morgan Stanley increased their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada increased their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Finally, Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $41.78.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,000 shares of company stock valued at $2,169,920 over the last quarter. 0.50% of the stock is currently owned by insiders.

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.