Fifth Third Bancorp (NASDAQ:FITB) Expected to Announce Quarterly Sales of $1.95 Billion

Wall Street brokerages predict that Fifth Third Bancorp (NASDAQ:FITB) will post sales of $1.95 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Fifth Third Bancorp’s earnings, with the lowest sales estimate coming in at $1.94 billion and the highest estimate coming in at $1.99 billion. Fifth Third Bancorp reported sales of $1.66 billion in the same quarter last year, which indicates a positive year over year growth rate of 17.5%. The firm is scheduled to announce its next earnings results on Tuesday, January 28th.

On average, analysts expect that Fifth Third Bancorp will report full year sales of $7.81 billion for the current year, with estimates ranging from $7.47 billion to $8.03 billion. For the next financial year, analysts anticipate that the business will post sales of $7.77 billion, with estimates ranging from $7.62 billion to $7.92 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the firm posted $0.64 earnings per share.

A number of research analysts have recently weighed in on the company. Bank of America lifted their price objective on Fifth Third Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price objective on Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Citigroup lowered their price objective on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Cfra raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Finally, BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $31.43.

In other Fifth Third Bancorp news, Director Evan Bayh bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average price of $25.93 per share, with a total value of $103,720.00. Following the purchase, the director now owns 48,517 shares of the company’s stock, valued at $1,258,045.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Timothy Spence sold 5,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the sale, the executive vice president now directly owns 152,672 shares in the company, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in FITB. Covington Capital Management bought a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $25,000. FinTrust Capital Advisors LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter worth approximately $32,000. NEXT Financial Group Inc increased its stake in Fifth Third Bancorp by 53.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 443 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in Fifth Third Bancorp by 4,403.4% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,306 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,277 shares during the last quarter. Finally, CWM LLC increased its stake in Fifth Third Bancorp by 47.7% in the 2nd quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 495 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Shares of Fifth Third Bancorp stock traded up $0.05 during trading on Thursday, hitting $30.56. 3,597,500 shares of the company’s stock traded hands, compared to its average volume of 6,476,386. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $30.89. 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 stock has a market capitalization of $22.17 billion, a P/E ratio of 12.03, a PEG ratio of 1.50 and a beta of 1.40. The business has a 50-day simple moving average of $27.89 and a 200-day simple moving average of $27.58.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.80%.

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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