Fifth Third Bancorp (NASDAQ:FITB) – Analysts at Jefferies Financial Group upped their Q1 2020 EPS estimates for Fifth Third Bancorp in a research note issued on Tuesday, January 7th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $0.66 for the quarter, up from their prior forecast of $0.65. Jefferies Financial Group also issued estimates for Fifth Third Bancorp’s Q1 2021 earnings at $0.68 EPS, Q2 2021 earnings at $0.75 EPS and Q3 2021 earnings at $0.82 EPS.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.02. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.94 billion. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. During the same period last year, the firm earned $0.64 earnings per share.
Several other analysts also recently weighed in on the company. Barclays upgraded Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $38.00 target price for the company in a research note on Monday. Wedbush reiterated an “outperform” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, October 23rd. Bank of America lifted their price target on Fifth Third Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their price target on Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Finally, Odeon Capital Group initiated coverage on Fifth Third Bancorp in a research note on Friday, December 6th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $31.70.
Shares of Fifth Third Bancorp stock opened at $30.25 on Wednesday. The business has a 50-day moving average of $30.52 and a 200-day moving average of $28.45. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $21.18 billion, a PE ratio of 11.91, a P/E/G ratio of 1.41 and a beta of 1.40. Fifth Third Bancorp has a 1-year low of $24.17 and a 1-year high of $31.64.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.24 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.96 dividend on an annualized basis and a yield of 3.17%. Fifth Third Bancorp’s payout ratio is currently 37.80%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $30.53, for a total value of $228,975.00. Following the completion of the transaction, the executive vice president now directly owns 55,474 shares in the company, valued at $1,693,621.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Philip Mchugh sold 36,382 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $30.56, for a total value of $1,111,833.92. Insiders own 0.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of FITB. Nuveen Asset Management LLC boosted its stake in Fifth Third Bancorp by 21,301.1% in the second quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock valued at $176,274,000 after acquiring an additional 6,288,518 shares during the period. Millennium Management LLC raised its holdings in shares of Fifth Third Bancorp by 34,364.2% during the third quarter. Millennium Management LLC now owns 5,872,706 shares of the financial services provider’s stock valued at $160,794,000 after buying an additional 5,855,666 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Fifth Third Bancorp during the third quarter valued at approximately $31,213,000. Russell Investments Group Ltd. raised its holdings in shares of Fifth Third Bancorp by 23.0% during the third quarter. Russell Investments Group Ltd. now owns 4,583,397 shares of the financial services provider’s stock valued at $125,673,000 after buying an additional 855,653 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Fifth Third Bancorp during the third quarter valued at approximately $16,751,000. Institutional investors own 78.69% of the company’s stock.
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.