Zacks Research Analysts Reduce Earnings Estimates for Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Bancorp (NASDAQ:FITB) – Analysts at Zacks Research dropped their FY2023 earnings per share estimates for Fifth Third Bancorp in a report issued on Monday, November 6th. Zacks Research analyst R. Department now forecasts that the financial services provider will post earnings of $3.48 per share for the year, down from their previous estimate of $3.50. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.51 per share. Zacks Research also issued estimates for Fifth Third Bancorp’s Q4 2023 earnings at $0.86 EPS, Q2 2024 earnings at $0.77 EPS, Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.83 EPS, FY2024 earnings at $3.08 EPS, Q1 2025 earnings at $0.73 EPS, Q2 2025 earnings at $0.80 EPS, Q3 2025 earnings at $0.81 EPS and FY2025 earnings at $3.22 EPS.

A number of other equities analysts also recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Raymond James initiated coverage on Fifth Third Bancorp in a research note on Thursday, August 24th. They set a “market perform” rating for the company. DA Davidson lifted their price objective on Fifth Third Bancorp from $28.00 to $29.00 in a research note on Friday, July 21st. Stephens reissued an “overweight” rating and set a $31.00 target price on shares of Fifth Third Bancorp in a research report on Friday, July 21st. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $32.03.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $24.82 on Thursday. The company has a market cap of $16.90 billion, a P/E ratio of 7.05, a P/E/G ratio of 0.90 and a beta of 1.23. The business has a fifty day simple moving average of $25.26 and a 200-day simple moving average of $25.95. Fifth Third Bancorp has a 52 week low of $22.11 and a 52 week high of $38.06. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.09. The business had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $2.15 billion. Fifth Third Bancorp had a return on equity of 16.99% and a net margin of 21.20%. During the same period in the prior year, the business earned $0.93 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Interval Partners LP bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $5,062,000. New Mexico Educational Retirement Board lifted its holdings in Fifth Third Bancorp by 4.4% in the 2nd quarter. New Mexico Educational Retirement Board now owns 33,180 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 1,400 shares during the last quarter. Sei Investments Co. boosted its position in shares of Fifth Third Bancorp by 211.9% during the 1st quarter. Sei Investments Co. now owns 613,099 shares of the financial services provider’s stock valued at $16,334,000 after purchasing an additional 416,553 shares in the last quarter. St. Johns Investment Management Company LLC grew its stake in shares of Fifth Third Bancorp by 2.5% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 24,145 shares of the financial services provider’s stock worth $633,000 after purchasing an additional 596 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth approximately $719,000. Institutional investors own 77.96% of the company’s stock.

Insider Activity

In related news, Director C. Bryan Daniels bought 64,500 shares of the company’s stock in a transaction on Monday, October 30th. The shares were purchased at an average cost of $23.31 per share, with a total value of $1,503,495.00. Following the completion of the transaction, the director now directly owns 325,278 shares of the company’s stock, valued at $7,582,230.18. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.66% of the company’s stock.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Saturday, September 30th were paid a $0.35 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 5.64%. The ex-dividend date of this dividend was Thursday, September 28th. Fifth Third Bancorp’s payout ratio is presently 39.77%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. 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.