Fifth Third Bancorp (NASDAQ:FITB) Announces Earnings Results, Misses Estimates By $0.05 EPS

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

Fifth Third Bancorp Stock Down 1.5 %

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. The stock’s fifty day moving average is $42.15 and its two-hundred day moving average is $39.08. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $45.71. The stock has a market capitalization of $30.56 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22.

Fifth Third Bancorp Increases Dividend

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

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction 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 directly owns 114,422 shares in the company, valued at $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction 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 directly owns 114,422 shares in the company, valued at $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares in the company, valued at $863,802.81. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,000 shares of company stock worth $2,169,920 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on FITB. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada boosted their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Argus boosted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Jefferies Financial Group boosted their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Bank of America upped their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.78.

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.