FY2020 Earnings Forecast for Fifth Third Bancorp (NASDAQ:FITB) Issued By Wedbush
Fifth Third Bancorp (NASDAQ:FITB) – Analysts at Wedbush increased their FY2020 earnings per share (EPS) estimates for shares of Fifth Third Bancorp in a research note issued to investors on Friday, September 25th. Wedbush analyst P. Winter now expects that the financial services provider will earn $1.66 per share for the year, up from their previous forecast of $1.65. Wedbush has a “Outperform” rating and a $23.00 price objective on the stock. Wedbush also issued estimates for Fifth Third Bancorp’s Q4 2020 earnings at $0.60 EPS and Q4 2021 earnings at $0.63 EPS.
Several other research analysts have also issued reports on the company. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Morgan Stanley upgraded shares of Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $24.00 to $30.00 in a research note on Friday. DA Davidson lifted their target price on Fifth Third Bancorp from $19.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Citigroup reduced their target price on shares of Fifth Third Bancorp from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, Piper Sandler raised their price target on shares of Fifth Third Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Fifth Third Bancorp currently has an average rating of “Buy” and a consensus target price of $24.74.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.10. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. Fifth Third Bancorp had a net margin of 16.55% and a return on equity of 7.37%. Fifth Third Bancorp’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 earnings per share.
Several hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in shares of Fifth Third Bancorp by 4.2% during the 1st quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock worth $20,569,000 after purchasing an additional 32,680 shares during the period. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Fifth Third Bancorp by 10.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after buying an additional 55,145 shares in the last quarter. Advisory Research Inc. boosted its holdings in Fifth Third Bancorp by 15.2% in the 1st quarter. Advisory Research Inc. now owns 16,360 shares of the financial services provider’s stock worth $243,000 after buying an additional 2,158 shares during the period. Piedmont Investment Advisors Inc. increased its position in shares of Fifth Third Bancorp by 3.6% during the first quarter. Piedmont Investment Advisors Inc. now owns 172,580 shares of the financial services provider’s stock valued at $2,563,000 after buying an additional 6,000 shares during the period. Finally, OPSEU Pension Plan Trust Fund purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $350,000. Institutional investors own 78.51% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, October 2nd will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.08 annualized dividend and a yield of 5.28%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 38.99%.
Fifth Third Bancorp Company Profile
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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