Fifth Third Bancorp (FITB) Expected to Post Quarterly Sales of $1.59 Billion
Equities research analysts expect Fifth Third Bancorp (NASDAQ:FITB) to post $1.59 billion in sales for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Fifth Third Bancorp’s earnings, with estimates ranging from $1.56 billion to $1.60 billion. Fifth Third Bancorp reported sales of $1.53 billion during the same quarter last year, which indicates a positive year over year growth rate of 3.9%. The firm is expected to report its next quarterly earnings report on Tuesday, January 23rd.
According to Zacks, analysts expect that Fifth Third Bancorp will report full-year sales of $1.59 billion for the current financial year, with estimates ranging from $6.06 billion to $7.11 billion. For the next year, analysts expect that the business will report sales of $6.35 billion per share, with estimates ranging from $6.28 billion to $6.44 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the prior year, the company earned $0.65 EPS.
Several brokerages recently issued reports on FITB. Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Robert W. Baird cut shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price objective for the company. in a research note on Monday, October 2nd. Nomura boosted their target price on shares of Fifth Third Bancorp from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, October 26th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and two have given a buy rating to the company’s stock. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $28.33.
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Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down $0.14 during midday trading on Tuesday, reaching $29.12. 4,620,000 shares of the company traded hands, compared to its average volume of 4,518,056. Fifth Third Bancorp has a one year low of $21.18 and a one year high of $29.39. The stock has a market cap of $20.54 billion, a PE ratio of 16.26, a PEG ratio of 2.43 and a beta of 1.34. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.89 and a current ratio of 0.89.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, September 28th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 2.20%. Fifth Third Bancorp’s dividend payout ratio is 24.15%.
In other Fifth Third Bancorp news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $28.86, for a total transaction of $432,900.00. Following the sale, the executive vice president now directly owns 154,577 shares in the company, valued at approximately $4,461,092.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Prudential Financial Inc. lifted its holdings in Fifth Third Bancorp by 1.5% during the 2nd quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock worth $57,997,000 after buying an additional 33,660 shares in the last quarter. Gotham Asset Management LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $303,000. Cornerstone Advisors Inc. lifted its holdings in Fifth Third Bancorp by 14.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after buying an additional 847 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Fifth Third Bancorp by 4.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock worth $38,232,000 after buying an additional 68,859 shares in the last quarter. Finally, Capital Fund Management S.A. lifted its holdings in Fifth Third Bancorp by 69.8% during the 2nd quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock worth $8,339,000 after buying an additional 132,047 shares in the last quarter. Institutional investors own 79.44% of the company’s stock.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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