Fifth Third Bancorp (NASDAQ:FITB) Issues Earnings Results

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) posted its earnings results on Thursday. The financial services provider reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03, Zacks reports. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share.

Fifth Third Bancorp Price Performance

FITB stock traded up $1.33 during midday trading on Tuesday, reaching $34.65. The stock had a trading volume of 5,470,801 shares, compared to its average volume of 4,472,589. The company has a market cap of $23.15 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company's fifty day simple moving average is $38.95 and its 200 day simple moving average is $42.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.27%. Fifth Third Bancorp's dividend payout ratio (DPR) is 46.98%.

Insider Activity at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on FITB. Piper Sandler reissued an "overweight" rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. DA Davidson lowered their target price on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Monday. Wells Fargo & Company lowered their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Truist Financial lowered their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $46.24.

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.