What is DA Davidson’s Estimate for FITB FY2024 Earnings?

Fifth Third Bancorp (NASDAQ:FITB) – Investment analysts at DA Davidson upped their FY2024 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 earn $3.36 per share for the year, up from their previous forecast of $3.35. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.34 per share.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results 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). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS.

A number of other research analysts have also issued reports on FITB. Citigroup upped their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Piper Sandler raised their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $45.32.

Fifth Third Bancorp Stock Down 0.8 %

FITB opened at $42.26 on Friday. The firm has a market cap of $28.34 billion, a P/E ratio of 14.04, a PEG ratio of 2.19 and a beta of 1.22. The business’s fifty day simple moving average is $45.66 and its 200 day simple moving average is $41.83. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Hedge Funds Weigh In On Fifth Third Bancorp

Institutional investors have recently made changes to their positions in the business. Venturi Wealth Management LLC increased its stake in shares of 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 worth $29,000 after buying an additional 316 shares during the last quarter. American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $36,000. Hexagon Capital Partners LLC grew its stake in Fifth Third Bancorp by 56.9% in the third 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 in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in Fifth Third Bancorp in the third quarter valued at about $39,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

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

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid 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 3.50%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

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.