Jefferies Financial Group Analysts Lift Earnings Estimates for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITBGet Rating) – Equities research analysts at Jefferies Financial Group boosted their Q2 2022 earnings per share estimates for shares of Fifth Third Bancorp in a report issued on Wednesday, April 20th. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will post earnings of $0.93 per share for the quarter, up from their prior estimate of $0.88. Jefferies Financial Group also issued estimates for Fifth Third Bancorp’s Q3 2022 earnings at $1.02 EPS, Q4 2022 earnings at $1.09 EPS, FY2022 earnings at $3.75 EPS, Q1 2023 earnings at $0.95 EPS, Q2 2023 earnings at $1.06 EPS, Q3 2023 earnings at $1.08 EPS, Q4 2023 earnings at $1.11 EPS and FY2023 earnings at $4.20 EPS.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last posted its earnings results on Tuesday, April 19th. The financial services provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.01). Fifth Third Bancorp had a return on equity of 13.55% and a net margin of 33.25%. During the same quarter in the prior year, the firm posted $0.93 earnings per share.

Several other research analysts have also recently commented on FITB. Wolfe Research cut shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $59.00 to $47.00 in a research report on Thursday, April 7th. Bank of America increased their price objective on shares of Fifth Third Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Friday, January 28th. JPMorgan Chase & Co. increased their price objective on shares of Fifth Third Bancorp from $48.00 to $48.50 in a report on Thursday, February 3rd. Finally, UBS Group started coverage on shares of Fifth Third Bancorp in a report on Wednesday, January 12th. They issued a “buy” rating and a $56.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.75.

NASDAQ FITB opened at $40.67 on Thursday. Fifth Third Bancorp has a 52 week low of $34.35 and a 52 week high of $50.64. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.59. The stock has a market cap of $27.81 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.29. The company has a 50-day moving average price of $44.63 and a two-hundred day moving average price of $44.78.

The company also recently declared a quarterly dividend, which was paid on Monday, April 18th. Investors of record on Thursday, March 31st were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.95%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 32.09%.

In related news, CEO Greg D. Carmichael sold 67,687 shares of the company’s stock in a transaction that occurred on Wednesday, February 9th. The shares were sold at an average price of $49.21, for a total value of $3,330,877.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Howard Hammond sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, February 7th. The shares were sold at an average price of $47.63, for a total transaction of $119,075.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,745 shares of company stock valued at $3,669,055. 0.67% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. D Orazio & Associates Inc. purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $25,000. KB Financial Partners LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $27,000. Consolidated Planning Corp purchased a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $28,000. Riverview Trust Co purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $28,000. Finally, Johnson Financial Group Inc. purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $31,000. Institutional investors own 81.71% of the company’s stock.

About Fifth Third Bancorp (Get Rating)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Earnings History and Estimates for Fifth Third Bancorp (NASDAQ:FITB)

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