Zacks: Analysts Anticipate Fifth Third Bancorp (NASDAQ:FITB) to Post $0.80 EPS

Equities analysts expect Fifth Third Bancorp (NASDAQ:FITB) to post earnings per share (EPS) of $0.80 for the current quarter, Zacks reports. Three analysts have made estimates for Fifth Third Bancorp’s earnings. The lowest EPS estimate is $0.76 and the highest is $0.87. Fifth Third Bancorp posted earnings per share of $0.30 in the same quarter last year, which would indicate a positive year over year growth rate of 166.7%. The firm is scheduled to announce its next earnings report before the market opens on Thursday, July 22nd.

On average, analysts expect that Fifth Third Bancorp will report full-year earnings of $3.45 per share for the current year, with EPS estimates ranging from $3.32 to $3.61. For the next fiscal year, analysts forecast that the company will report earnings of $3.27 per share, with EPS estimates ranging from $2.95 to $3.70. Zacks’ earnings per share averages are an average based on a survey of research analysts that follow Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Monday, April 19th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.24. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a return on equity of 10.84% and a net margin of 25.12%. During the same quarter in the prior year, the company posted $0.04 EPS.

FITB has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $28.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday, April 1st. The Goldman Sachs Group raised Fifth Third Bancorp from a “buy” rating to a “conviction-buy” rating in a research report on Friday, March 5th. Robert W. Baird raised their target price on Fifth Third Bancorp from $39.00 to $44.00 and gave the company an “outperform” rating in a report on Thursday, June 3rd. Royal Bank of Canada upped their price target on Fifth Third Bancorp from $38.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, April 21st. Finally, Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, April 29th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $37.39.

Shares of NASDAQ:FITB traded up $0.22 during trading on Friday, reaching $40.62. The stock had a trading volume of 106,950 shares, compared to its average volume of 5,697,492. The firm’s fifty day moving average is $40.39. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.91 and a quick ratio of 0.87. Fifth Third Bancorp has a 52 week low of $17.28 and a 52 week high of $43.06. The stock has a market capitalization of $28.60 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 1.47 and a beta of 1.57.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Tuesday, March 30th. Fifth Third Bancorp’s payout ratio is 50.00%.

In related news, Director Thomas H. Harvey sold 40,500 shares of the stock in a transaction that occurred on Thursday, April 22nd. The stock was sold at an average price of $37.11, for a total transaction of $1,502,955.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mitchell Feiger sold 60,000 shares of the firm’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $38.20, for a total value of $2,292,000.00. Following the sale, the director now directly owns 3,271 shares of the company’s stock, valued at $124,952.20. The disclosure for this sale can be found here. Insiders have sold a total of 235,579 shares of company stock valued at $9,324,580 over the last three months. 0.66% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in FITB. Boston Partners lifted its position in Fifth Third Bancorp by 4.4% during the 1st quarter. Boston Partners now owns 21,565,363 shares of the financial services provider’s stock worth $807,734,000 after buying an additional 907,764 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fifth Third Bancorp by 1.5% during the first quarter. Geode Capital Management LLC now owns 12,777,880 shares of the financial services provider’s stock valued at $477,307,000 after purchasing an additional 193,460 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Fifth Third Bancorp by 21.9% in the first quarter. Nuveen Asset Management LLC now owns 9,898,175 shares of the financial services provider’s stock valued at $370,687,000 after purchasing an additional 1,779,235 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Fifth Third Bancorp by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,684,007 shares of the financial services provider’s stock worth $266,972,000 after purchasing an additional 36,970 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Fifth Third Bancorp by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,484,295 shares of the financial services provider’s stock valued at $261,483,000 after buying an additional 240,823 shares during the last quarter. Institutional investors own 79.02% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.

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

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