Fifth Third Bancorp (NASDAQ:FITB) Expected to Announce Quarterly Sales of $2.08 Billion

Equities analysts expect Fifth Third Bancorp (NASDAQ:FITB) to announce sales of $2.08 billion for the current quarter, according to Zacks. Five analysts have made estimates for Fifth Third Bancorp’s earnings, with the lowest sales estimate coming in at $1.93 billion and the highest estimate coming in at $2.31 billion. Fifth Third Bancorp posted sales of $1.66 billion in the same quarter last year, which suggests a positive year over year growth rate of 25.3%. The business is expected to announce its next quarterly earnings report before the market opens on Wednesday, January 22nd.

On average, analysts expect that Fifth Third Bancorp will report full year sales of $8.08 billion for the current financial year, with estimates ranging from $7.74 billion to $8.38 billion. For the next financial year, analysts anticipate that the firm will report sales of $7.77 billion, with estimates ranging from $7.66 billion to $7.81 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Fifth Third Bancorp.

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, topping the consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the firm earned $0.64 EPS.

Several equities research analysts recently weighed in on FITB shares. Deutsche Bank raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Friday, October 25th. BidaskClub downgraded shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday. Raymond James upped their target price on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.00 to $33.00 in a research report on Friday, October 25th. Finally, Cfra raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.70.

FITB traded up $0.06 during trading hours on Wednesday, hitting $29.45. 5,230,351 shares of the company’s stock were exchanged, compared to its average volume of 3,636,411. Fifth Third Bancorp has a 12-month low of $24.17 and a 12-month high of $31.64. The firm has a 50 day moving average of $30.43 and a 200 day moving average of $28.54. The firm has a market cap of $20.86 billion, a P/E ratio of 10.57, a price-to-earnings-growth ratio of 1.39 and a beta of 1.40. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Monday, December 30th. Fifth Third Bancorp’s payout ratio is 37.80%.

In other news, EVP Philip Mchugh sold 36,382 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $30.56, for a total value of $1,111,833.92. Also, EVP Frank R. Forrest sold 7,500 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $30.53, for a total transaction of $228,975.00. Following the completion of the transaction, the executive vice president now owns 55,474 shares of the company’s stock, valued at approximately $1,693,621.22. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Several institutional investors have recently modified their holdings of FITB. FMR LLC boosted its holdings in shares of Fifth Third Bancorp by 4.2% in the 1st quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock valued at $20,569,000 after buying an additional 32,680 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its stake in 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 worth $14,209,000 after purchasing an additional 55,145 shares during the period. LPL Financial LLC boosted its stake in Fifth Third Bancorp by 1.3% during the 2nd quarter. LPL Financial LLC now owns 60,047 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 779 shares during the period. Renaissance Technologies LLC boosted its stake in Fifth Third Bancorp by 278.2% during the 2nd quarter. Renaissance Technologies LLC now owns 454,739 shares of the financial services provider’s stock worth $12,687,000 after purchasing an additional 334,500 shares during the period. Finally, Profund Advisors LLC boosted its stake in Fifth Third Bancorp by 31.9% during the 2nd quarter. Profund Advisors LLC now owns 24,441 shares of the financial services provider’s stock worth $682,000 after purchasing an additional 5,913 shares during the period. Institutional investors and hedge funds own 78.68% of the company’s stock.

About Fifth Third Bancorp

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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Earnings History and Estimates for Fifth Third Bancorp (NASDAQ:FITB)

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