Equities analysts expect Fifth Third Bancorp (NASDAQ:FITB) to announce sales of $1.95 billion for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Fifth Third Bancorp’s earnings, with the highest sales estimate coming in at $1.99 billion and the lowest estimate coming in at $1.94 billion. Fifth Third Bancorp reported sales of $1.66 billion during the same quarter last year, which suggests a positive year over year growth rate of 17.5%. The company is expected to issue its next earnings results on Tuesday, January 28th.
According to Zacks, analysts expect that Fifth Third Bancorp will report full-year sales of $7.81 billion for the current financial 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 calculations are an average based on a survey of research firms that follow Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the prior year, the company earned $0.64 EPS.
A number of equities analysts recently weighed in on the stock. Citigroup cut their price target on shares of Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Deutsche Bank upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Friday, October 25th. Morgan Stanley cut their price target on shares of Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. BidaskClub lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, Raymond James lifted their price objective on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $31.43.
In other Fifth Third Bancorp news, EVP Timothy Spence sold 5,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total transaction of $137,600.00. Following the transaction, the executive vice president now directly owns 152,672 shares of the company’s stock, valued at $4,201,533.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Evan Bayh bought 4,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $25.93 per share, for a total transaction of $103,720.00. Following the completion of the purchase, the director now directly owns 48,517 shares of the company’s stock, valued at $1,258,045.81. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Sanders Capital LLC increased its holdings in shares of Fifth Third Bancorp by 3.6% in the second quarter. Sanders Capital LLC now owns 19,052,485 shares of the financial services provider’s stock valued at $592,818,000 after purchasing an additional 654,400 shares during the period. JPMorgan Chase & Co. lifted its position in Fifth Third Bancorp by 5.0% during the second quarter. JPMorgan Chase & Co. now owns 17,423,254 shares of the financial services provider’s stock valued at $475,481,000 after buying an additional 832,897 shares in the last quarter. Boston Partners grew its stake in Fifth Third Bancorp by 4.1% during the third quarter. Boston Partners now owns 11,098,097 shares of the financial services provider’s stock worth $303,962,000 after buying an additional 442,099 shares during the period. Wells Fargo & Company MN increased its position in shares of Fifth Third Bancorp by 36.8% in the second quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock worth $209,013,000 after acquiring an additional 2,014,379 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Fifth Third Bancorp by 21,301.1% in the second quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock worth $176,274,000 after acquiring an additional 6,288,518 shares in the last quarter. Institutional investors and hedge funds own 78.65% of the company’s stock.
NASDAQ FITB opened at $30.11 on Friday. The stock has a market capitalization of $21.42 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.50 and a beta of 1.40. Fifth Third Bancorp has a one year low of $22.12 and a one 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 business’s fifty day moving average is $29.35 and its 200-day moving average is $27.79.
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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