Fifth Third Bancorp (NASDAQ:FITB – Get Rating) – Investment analysts at Wedbush issued their Q3 2022 earnings per share (EPS) estimates for Fifth Third Bancorp in a research note issued on Wednesday, September 28th. Wedbush analyst D. Chiaverini anticipates that the financial services provider will post earnings of $0.99 per share for the quarter. 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 $3.54 per share. Wedbush also issued estimates for Fifth Third Bancorp's Q4 2022 earnings at $1.08 EPS, FY2022 earnings at $3.56 EPS, Q1 2023 earnings at $0.95 EPS, Q2 2023 earnings at $1.03 EPS, Q3 2023 earnings at $1.07 EPS, Q4 2023 earnings at $1.09 EPS and FY2023 earnings at $4.15 EPS.
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FITB has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Fifth Third Bancorp from $46.00 to $44.00 and set a "hold" rating for the company in a report on Monday, September 12th. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $44.00 price objective for the company in a report on Friday, June 17th. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $50.00 to $43.00 and set an "equal weight" rating for the company in a report on Tuesday, July 12th. Barclays dropped their price objective on Fifth Third Bancorp from $57.00 to $53.00 and set an "overweight" rating for the company in a report on Friday, July 22nd. Finally, Jefferies Financial Group dropped their price objective on Fifth Third Bancorp from $47.00 to $39.00 in a report on Monday, July 11th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.82.
Fifth Third Bancorp Trading Down 0.3 %
NASDAQ FITB opened at $31.96 on Friday. The stock has a 50-day simple moving average of $34.68 and a 200 day simple moving average of $36.90. The company has a market capitalization of $21.93 billion, a PE ratio of 9.66, a P/E/G ratio of 1.11 and a beta of 1.25. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.65. Fifth Third Bancorp has a 12 month low of $31.18 and a 12 month high of $50.64.
Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last released its earnings results on Thursday, July 21st. The financial services provider reported $0.79 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.08). The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 29.09%. During the same quarter in the previous year, the firm earned $0.94 EPS.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Capital World Investors boosted its position in Fifth Third Bancorp by 60.1% during the first quarter. Capital World Investors now owns 40,466,760 shares of the financial services provider's stock valued at $1,741,689,000 after purchasing an additional 15,195,534 shares during the last quarter. Norges Bank acquired a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $251,003,000. Millennium Management LLC boosted its position in Fifth Third Bancorp by 5,766.7% during the fourth quarter. Millennium Management LLC now owns 1,913,415 shares of the financial services provider's stock valued at $83,329,000 after purchasing an additional 1,880,800 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Fifth Third Bancorp by 9.5% during the second quarter. JPMorgan Chase & Co. now owns 16,066,759 shares of the financial services provider's stock valued at $539,843,000 after purchasing an additional 1,390,960 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $37,018,000. 81.33% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Fifth Third Bancorp
In other news, Director Mitchell Feiger sold 8,734 shares of the company's stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $35.20, for a total transaction of $307,436.80. Following the completion of the transaction, the director now directly owns 11,030 shares of the company's stock, valued at $388,256. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.67% of the stock is owned by insiders.
Fifth Third Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.33 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Thursday, September 29th. Fifth Third Bancorp's dividend payout ratio is currently 36.25%.
About Fifth Third Bancorp
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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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