Q1 2023 EPS Estimates for Fifth Third Bancorp (NASDAQ:FITB) Cut by Analyst

Fifth Third Bancorp (NASDAQ:FITBGet Rating) – Stock analysts at Wedbush cut their Q1 2023 EPS estimates for shares of Fifth Third Bancorp in a research note issued to investors on Thursday, January 19th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $0.81 for the quarter, down from their prior forecast of $0.90. Wedbush currently has a “Outperform” rating and a $39.00 target price on the stock. The consensus estimate for Fifth Third Bancorp’s current full-year earnings is $3.79 per share. Wedbush also issued estimates for Fifth Third Bancorp’s Q2 2023 earnings at $0.96 EPS, Q4 2023 earnings at $1.08 EPS and FY2024 earnings at $4.10 EPS.

Several other equities research analysts have also recently issued reports on FITB. Piper Sandler reduced their price objective on shares of Fifth Third Bancorp to $38.00 in a research report on Thursday, September 29th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fifth Third Bancorp from $44.00 to $37.00 in a report on Friday, January 6th. Barclays cut their target price on shares of Fifth Third Bancorp from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, January 3rd. DA Davidson began coverage on shares of Fifth Third Bancorp in a report on Tuesday, December 20th. They issued a “neutral” rating and a $36.00 target price for the company. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $37.00 target price on shares of Fifth Third Bancorp in a report on Monday, December 5th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.57.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $34.61 on Monday. Fifth Third Bancorp has a 12 month low of $30.92 and a 12 month high of $50.13. The stock has a market cap of $23.76 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.10 and a beta of 1.21. The company’s 50 day moving average is $33.95 and its two-hundred day moving average is $34.27. The company has a current ratio of 0.78, a quick ratio of 0.75 and a debt-to-equity ratio of 0.90.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Fifth Third Bancorp had a net margin of 26.15% and a return on equity of 15.48%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business earned $0.90 EPS.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were given a $0.33 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $1.32 annualized dividend and a yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio is presently 39.29%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Robert P. Shaffer sold 10,209 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $35.76, for a total value of $365,073.84. Following the sale, the executive vice president now owns 69,534 shares in the company, valued at approximately $2,486,535.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Wagner Wealth Management LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $27,000. CI Investments Inc. increased its stake in shares of Fifth Third Bancorp by 1,002.4% in the 3rd quarter. CI Investments Inc. now owns 915 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 832 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in shares of Fifth Third Bancorp by 324.1% in the 3rd quarter. Hexagon Capital Partners LLC now owns 933 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 713 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Fifth Third Bancorp by 226.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 939 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 651 shares during the last quarter. Finally, Guardian Wealth Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth $30,000. 80.17% of the stock is owned by institutional investors and hedge funds.

About Fifth Third Bancorp

(Get Rating)

Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact.

Further Reading

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

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