Equities analysts expect that Fifth Third Bancorp (NASDAQ:FITB) will report sales of $1.66 billion for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Fifth Third Bancorp’s earnings, with estimates ranging from $1.64 billion to $1.69 billion. Fifth Third Bancorp posted sales of $1.53 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 8.5%. The company is expected to announce its next earnings report on Tuesday, January 22nd.
According to Zacks, analysts expect that Fifth Third Bancorp will report full-year sales of $6.82 billion for the current fiscal year, with estimates ranging from $6.47 billion to $6.95 billion. For the next year, analysts expect that the business will report sales of $7.39 billion, with estimates ranging from $6.62 billion to $7.63 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. During the same quarter in the previous year, the firm earned $1.35 earnings per share.
A number of equities analysts have commented on FITB shares. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Monday, July 16th. Vining Sparks reissued a “buy” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a research note on Thursday, July 19th. Wedbush reduced their price objective on Fifth Third Bancorp from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, July 20th. 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 note on Friday, July 20th. Finally, BMO Capital Markets reduced their price objective on Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a research note on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the stock. Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $32.31.
Fifth Third Bancorp stock opened at $27.57 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $18.28 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 1.53 and a beta of 1.18. Fifth Third Bancorp has a 52 week low of $24.10 and a 52 week high of $34.67.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.61%. Fifth Third Bancorp’s payout ratio is currently 26.87%.
Several hedge funds have recently added to or reduced their stakes in FITB. DnB Asset Management AS raised its position in shares of Fifth Third Bancorp by 8.1% during the second quarter. DnB Asset Management AS now owns 92,333 shares of the financial services provider’s stock worth $2,650,000 after acquiring an additional 6,900 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in Fifth Third Bancorp by 42.5% in the second quarter. IFM Investors Pty Ltd now owns 31,835 shares of the financial services provider’s stock valued at $914,000 after purchasing an additional 9,502 shares during the last quarter. KAMES CAPITAL plc bought a new stake in Fifth Third Bancorp in the second quarter valued at about $1,023,000. State of Alaska Department of Revenue increased its holdings in Fifth Third Bancorp by 40.1% in the second quarter. State of Alaska Department of Revenue now owns 157,323 shares of the financial services provider’s stock valued at $4,513,000 after purchasing an additional 45,030 shares during the last quarter. Finally, Denali Advisors LLC increased its holdings in Fifth Third Bancorp by 35.4% in the second quarter. Denali Advisors LLC now owns 432,600 shares of the financial services provider’s stock valued at $12,416,000 after purchasing an additional 113,100 shares during the last quarter. Institutional investors own 83.77% 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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