EleSi/iStock Editorial via Getty ImagesFifth Third Bancorp (NASDAQ:FITB) has been one of the best-performing regional banks, with its share price rising by 35.07% over the past year compared to the SPDR S&P Regional Banking ETF (KRE) which rose by 12.8% over the same period. As a result, FITB trades at 11.16 forward earnings, according to Seeking Alpha’s forward EPS estimate, which is slightly above the sector median of 10.23. I argue that FITB’s outperformance has been well-deserved due to robust growt ...

Financial Data and Key Metrics Changes - Earnings per share reported at $0.70, or $0.76 excluding certain charges, with all major income statement captions meeting or exceeding guidance [3][4] - Adjusted return on equity and return on assets are the highest among peers, indicating strong profitability [3][6] - Net interest income for the quarter was $1.4 billion, with interest-bearing deposit costs managed to increase only 1 basis point sequentially [95][90] Business Line Data and Key Metrics Changes - Treasury management revenue grew 11% year-over-year, driven by software-enabled managed services [4] - Wealth and asset management fee revenues increased by 10% year-over-year, supported by strong growth in Fifth Third Wealth Advisors [4] - Adjusted non-interest income decreased 1% year-over-year, primarily due to lower revenue in commercial banking, leasing, and mortgage [7] Market Data and Key Metrics Changes - Average core deposits decreased 1% sequentially, attributed to normal seasonality [8] - DDA as a percentage of core deposits fell to 25% from 26% in the previous quarter, indicating a continued migration of balances [79] - Full year average core deposit growth is forecasted at only 2% to 3%, down from 5% growth in 2023 [22] Company Strategy and Development Direction - The company emphasizes stability, profitability, and growth, aiming to navigate challenging economic environments effectively [70] - Plans to open 30 to 35 new branches in higher-growth markets while closing a similar number of branches [23] - Focus on maintaining balance sheet strength and flexibility in an uncertain economic environment [76] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the economic outlook, citing potential headwinds from inflation and geopolitical tensions [92] - The company expects net interest income to decrease by 2% to 4% for the full year, with a trough in net interest income and margin believed to be behind [81][90] - Credit performance remains stable, with expectations for net charge-offs in the range of 35 to 45 basis points [128] Other Important Information - The company has resumed share repurchases of $300 million to $400 million in the second half of 2024, contingent on a stable economic outlook [12] - The CET1 ratio stands at 10.44%, with expectations for stability in capital levels [126] Q&A Session Summary Question: Can you discuss the demand trends in more detail? - Management noted that while clients are not pessimistic, they are cautious regarding capital investments and M&A opportunities [106] Question: What is the current outlook for the US economy in 2024? - Management indicated that Moody's outlook has improved, with no significant slowdown expected in 2024 [141] Question: How does the company manage deposit competition? - The company believes the liquidity environment has stabilized, reducing the likelihood of intense competition for deposits [163] Question: What are the expectations for reserve building versus releasing? - Management expects a small reserve build in connection with loan growth, assuming no changes to the economic outlook [138]

Fifth Third Bancorp (FITB) has reported first-quarter 2024 adjusted earnings per share (EPS) of 76 cents, surpassing the Zacks Consensus Estimate of 71 cents. In the prior-year quarter, the company reported an EPS of 78 cents.Results have been aided by increases in non-interest income and the deposit balance. However, a fall in net interest income (NII) limited its revenue growth. Higher expenses were other undermining factors.The company has reported net income available to common shareholders of $480 mill ...

Fifth Third Bancorp Reports First Quarter 2024 Diluted Earnings Per Share of $0.70 Grew deposits year-over-year and further strengthened liquidity and capital positions Reported results included a negative $0.06 impact from certain items on page 2 | Key Financial Data | | | Key Highlights | | | --- | --- | --- | --- | --- | | $ in millions for all balance sheet and income statement items | | | | | | | 1Q24 | 4Q23 | 1Q23 | Stability: | | Income Statement Data | | | | | | Net income available to common shareh ...

Investors are always looking for stocks that are poised to beat at earnings season and Fifth Third Bancorp (FITB) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Fifth Third is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty go ...

Wall Street analysts expect Fifth Third Bancorp (FITB) to post quarterly earnings of $0.71 per share in its upcoming report, which indicates a year-over-year decline of 9%. Revenues are expected to be $2.09 billion, down 5.7% from the year-ago quarter.The current level reflects an upward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a c ...

The market expects Fifth Third Bancorp (FITB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Fifth Third Bancorp (FITB) , which belongs to the Zacks Banks - Major Regional industry.This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 11.10%.For the most recent quarter, Fifth Third Bancorp was expected to post earnings of $0.90 per sha ...

CINCINNATI--(BUSINESS WIRE)--Today, Fifth Third Bancorp announced the declaration of cash dividends on its common shares, Series H preferred shares, Series I preferred shares, Series J preferred shares, Series K preferred shares, Series L preferred shares, and Class B Series A preferred shares. Fifth Third Bancorp (Nasdaq: FITB) today declared a cash dividend on its common shares of $0.35 per share for the first quarter of 2024. The dividend is payable on April 15, 2024 to shareholders of record as of Marc ...

CINCINNATI--(BUSINESS WIRE)--Fifth Third is proud to announce it has been named to the 2024 World’s Most Ethical Companies® list by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This is the fifth time Fifth Third has earned this recognition from Ethisphere and is one of only four banks worldwide, including two in the U.S., to be recognized on the 2024 list. In 2024, 136 companies were recognized across 20 countries and 44 industries. “We are honored E ...