Zacks: Analysts Anticipate Fifth Third Bancorp (NASDAQ:FITB) to Announce $0.90 Earnings Per Share

Brokerages expect Fifth Third Bancorp (NASDAQ:FITBGet Rating) to report earnings of $0.90 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Fifth Third Bancorp’s earnings. The lowest EPS estimate is $0.85 and the highest is $0.93. Fifth Third Bancorp posted earnings of $0.94 per share in the same quarter last year, which would indicate a negative year over year growth rate of 4.3%. The firm is expected to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Fifth Third Bancorp will report full year earnings of $3.66 per share for the current fiscal year, with EPS estimates ranging from $3.55 to $3.75. For the next year, analysts expect that the company will report earnings of $4.14 per share, with EPS estimates ranging from $3.92 to $4.40. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that cover Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the company posted $0.93 EPS.

Several analysts have recently weighed in on FITB shares. The Goldman Sachs Group cut their price objective on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating for the company in a report on Tuesday, May 31st. Citigroup restated a “neutral” rating on shares of Fifth Third Bancorp in a report on Thursday, March 24th. Wedbush upped their price objective on Fifth Third Bancorp to $48.00 and gave the company a “na” rating in a report on Tuesday, May 17th. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Monday, April 25th. Finally, Wolfe Research reduced their target price on Fifth Third Bancorp from $47.00 to $37.00 and set a “peer perform” rating for the company in a report on Thursday, May 26th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $47.87.

In other Fifth Third Bancorp news, CEO Greg D. Carmichael sold 50,000 shares of the company’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $40.05, for a total value of $2,002,500.00. Following the transaction, the chief executive officer now directly owns 644,745 shares of the company’s stock, valued at approximately $25,822,037.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $36.93, for a total value of $92,325.00. Following the transaction, the executive vice president now directly owns 45,844 shares in the company, valued at approximately $1,693,018.92. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FITB. Capital World Investors boosted its stake in Fifth Third Bancorp by 60.1% during the 1st quarter. Capital World Investors now owns 40,466,760 shares of the financial services provider’s stock valued at $1,741,689,000 after purchasing an additional 15,195,534 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $282,824,000. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $251,003,000. Millennium Management LLC lifted its position in shares of Fifth Third Bancorp by 5,766.7% in the 4th quarter. Millennium Management LLC now owns 1,913,415 shares of the financial services provider’s stock worth $83,329,000 after acquiring an additional 1,880,800 shares during the period. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth approximately $37,018,000. 81.00% of the stock is currently owned by institutional investors and hedge funds.

Shares of Fifth Third Bancorp stock traded up $0.53 during trading on Monday, hitting $39.45. The stock had a trading volume of 3,470,562 shares, compared to its average volume of 6,267,120. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.81 and a quick ratio of 0.80. The firm has a market cap of $26.97 billion, a P/E ratio of 11.30, a PEG ratio of 1.29 and a beta of 1.30. The business has a fifty day moving average of $38.99 and a two-hundred day moving average of $43.33. Fifth Third Bancorp has a fifty-two week low of $34.35 and a fifty-two week high of $50.64.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 18th. Investors of record on Thursday, March 31st were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Wednesday, March 30th. Fifth Third Bancorp’s payout ratio is 34.38%.

Fifth Third Bancorp Company Profile (Get Rating)

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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