Fifth Third Bancorp (FITB) Expected to Post Quarterly Sales of $1.63 Billion

Wall Street analysts expect that Fifth Third Bancorp (NASDAQ:FITB) will report sales of $1.63 billion for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Fifth Third Bancorp’s earnings. The highest sales estimate is $1.64 billion and the lowest is $1.59 billion. Fifth Third Bancorp reported sales of $1.54 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 5.8%. The company is scheduled to report its next earnings results before the market opens on Tuesday, October 23rd.

On average, analysts expect that Fifth Third Bancorp will report full-year sales of $6.85 billion for the current year, with estimates ranging from $6.47 billion to $6.99 billion. For the next year, analysts anticipate that the company will post sales of $7.41 billion, with estimates ranging from $6.64 billion to $7.66 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.45 earnings per share.

FITB has been the topic of a number of recent research reports. ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 18th. BidaskClub downgraded Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 1st. Wedbush set a $34.00 price objective on Fifth Third Bancorp and gave the company a “buy” rating in a research report on Thursday, September 20th. Finally, UBS Group raised Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 price objective on the stock in a research report on Friday, July 20th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $32.69.

A number of hedge funds and other institutional investors have recently modified their holdings of FITB. BlackRock Inc. raised its stake in shares of Fifth Third Bancorp by 5.9% in the second quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock worth $1,390,661,000 after purchasing an additional 2,718,504 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Fifth Third Bancorp by 119.9% in the second quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock worth $139,929,000 after purchasing an additional 2,658,672 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Fifth Third Bancorp by 106.3% in the second quarter. Schroder Investment Management Group now owns 4,166,562 shares of the financial services provider’s stock worth $119,747,000 after purchasing an additional 2,146,656 shares during the last quarter. Millennium Management LLC raised its stake in shares of Fifth Third Bancorp by 658.6% in the second quarter. Millennium Management LLC now owns 1,622,956 shares of the financial services provider’s stock worth $46,579,000 after purchasing an additional 1,409,021 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Fifth Third Bancorp by 16.9% in the second quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock worth $211,301,000 after purchasing an additional 1,062,218 shares during the last quarter. 83.91% of the stock is owned by institutional investors and hedge funds.

Shares of FITB stock opened at $26.84 on Friday. Fifth Third Bancorp has a 1-year low of $26.32 and a 1-year high of $34.67. The stock has a market cap of $18.65 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.55 and a beta of 1.27. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.88 and a current ratio of 0.89.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.68%. The ex-dividend date is Thursday, September 27th. Fifth Third Bancorp’s dividend payout ratio is presently 26.87%.

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

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