Analysts Offer Predictions for Fifth Third Bancorp’s Q2 2023 Earnings (NASDAQ:FITB)

Posted by Defense World Staff on Apr 26th, 2023

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Fifth Third Bancorp (NASDAQ:FITB – Get Rating) – Equities researchers at DA Davidson issued their Q2 2023 earnings per share estimates for Fifth Third Bancorp in a research report issued on Monday, April 24th. DA Davidson analyst P. Winter forecasts that the financial services provider will earn $0.90 per share for the quarter. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.54 per share. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2023 earnings at $3.53 EPS and FY2024 earnings at $3.59 EPS.

FITB has been the subject of several other research reports. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Friday, April 21st. Barclays reduced their target price on shares of Fifth Third Bancorp from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, April 12th. UBS Group lifted their price target on shares of Fifth Third Bancorp from $29.00 to $31.00 in a report on Sunday. Citigroup reduced their price objective on shares of Fifth Third Bancorp from $40.00 to $30.00 in a research note on Monday. Finally, Piper Sandler lowered their target price on shares of Fifth Third Bancorp from $43.00 to $40.00 in a research note on Friday, March 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.59.

Fifth Third Bancorp Trading Down 5.2 %

Shares of FITB stock opened at $25.66 on Tuesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 0.94 and a beta of 1.17. Fifth Third Bancorp has a 1 year low of $22.11 and a 1 year high of $40.07. The firm has a fifty day moving average price of $29.90 and a 200-day moving average price of $32.93.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last announced its earnings results on Thursday, April 20th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 16.28%. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the firm posted $0.69 earnings per share.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Friday, March 31st were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date was Thursday, March 30th. Fifth Third Bancorp’s payout ratio is 38.15%.

Insider Activity

In related news, EVP Howard Hammond sold 2,000 shares of the company’s stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $37.52, for a total value of $75,040.00. Following the completion of the sale, the executive vice president now directly owns 50,686 shares of the company’s stock, valued at $1,901,738.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Howard Hammond sold 2,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, February 8th. The shares were sold at an average price of $37.52, for a total transaction of $75,040.00. Following the transaction, the executive vice president now directly owns 50,686 shares of the company’s stock, valued at $1,901,738.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gary R. Heminger bought 33,000 shares of the stock in a transaction on Monday, March 13th. The shares were bought at an average price of $26.82 per share, with a total value of $885,060.00. Following the acquisition, the director now owns 127,043 shares of the company’s stock, valued at $3,407,293.26. The disclosure for this purchase can be found here. Insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently added to or reduced their stakes in FITB. Vanguard Group Inc. grew its holdings in shares of Fifth Third Bancorp by 0.9% during the third quarter. Vanguard Group Inc. now owns 85,547,660 shares of the financial services provider’s stock valued at $2,734,103,000 after buying an additional 792,580 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Fifth Third Bancorp by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,477,138 shares of the financial services provider’s stock worth $1,229,625,000 after acquiring an additional 7,062,005 shares during the period. Bank of America Corp DE raised its holdings in shares of Fifth Third Bancorp by 10.5% during the fourth quarter. Bank of America Corp DE now owns 33,243,129 shares of the financial services provider’s stock worth $1,090,707,000 after purchasing an additional 3,172,058 shares during the last quarter. State Street Corp lifted its position in Fifth Third Bancorp by 1.8% during the third quarter. State Street Corp now owns 31,576,285 shares of the financial services provider’s stock valued at $1,019,522,000 after purchasing an additional 557,311 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Fifth Third Bancorp by 11.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 14,585,752 shares of the financial services provider’s stock valued at $478,559,000 after purchasing an additional 1,441,359 shares during the last quarter. 80.17% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.