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Fifth Third Bancorp (FITB) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Fifth Third Bancorp (FITB - Free Report) closed at $25.92, marking a -1.86% move from the previous day. This change lagged the S&P 500's daily gain of 0.93%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 1.71%.
Coming into today, shares of the company had gained 11.81% in the past month. In that same time, the Finance sector gained 3.55%, while the S&P 500 gained 4.61%.
Fifth Third Bancorp will be looking to display strength as it nears its next earnings release, which is expected to be July 20, 2023. In that report, analysts expect Fifth Third Bancorp to post earnings of $0.88 per share. This would mark year-over-year growth of 11.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.21 billion, up 9.86% from the year-ago period.
FITB's full-year Zacks Consensus Estimates are calling for earnings of $3.47 per share and revenue of $8.98 billion. These results would represent year-over-year changes of +3.58% and +7.16%, respectively.
Investors might also notice recent changes to analyst estimates for Fifth Third Bancorp. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.26% lower. Fifth Third Bancorp is currently a Zacks Rank #3 (Hold).
Investors should also note Fifth Third Bancorp's current valuation metrics, including its Forward P/E ratio of 7.62. Its industry sports an average Forward P/E of 7.97, so we one might conclude that Fifth Third Bancorp is trading at a discount comparatively.
It is also worth noting that FITB currently has a PEG ratio of 0.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Banks - Major Regional was holding an average PEG ratio of 1.2 at yesterday's closing price.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FITB in the coming trading sessions, be sure to utilize Zacks.com.
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Fifth Third Bancorp (FITB) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Fifth Third Bancorp (FITB - Free Report) closed at $25.92, marking a -1.86% move from the previous day. This change lagged the S&P 500's daily gain of 0.93%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 1.71%.
Coming into today, shares of the company had gained 11.81% in the past month. In that same time, the Finance sector gained 3.55%, while the S&P 500 gained 4.61%.
Fifth Third Bancorp will be looking to display strength as it nears its next earnings release, which is expected to be July 20, 2023. In that report, analysts expect Fifth Third Bancorp to post earnings of $0.88 per share. This would mark year-over-year growth of 11.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.21 billion, up 9.86% from the year-ago period.
FITB's full-year Zacks Consensus Estimates are calling for earnings of $3.47 per share and revenue of $8.98 billion. These results would represent year-over-year changes of +3.58% and +7.16%, respectively.
Investors might also notice recent changes to analyst estimates for Fifth Third Bancorp. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.26% lower. Fifth Third Bancorp is currently a Zacks Rank #3 (Hold).
Investors should also note Fifth Third Bancorp's current valuation metrics, including its Forward P/E ratio of 7.62. Its industry sports an average Forward P/E of 7.97, so we one might conclude that Fifth Third Bancorp is trading at a discount comparatively.
It is also worth noting that FITB currently has a PEG ratio of 0.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Banks - Major Regional was holding an average PEG ratio of 1.2 at yesterday's closing price.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FITB in the coming trading sessions, be sure to utilize Zacks.com.