$2.09 Billion in Sales Expected for Fifth Third Bancorp (NASDAQ:FITB) This Quarter

Equities analysts predict that Fifth Third Bancorp (NASDAQ:FITBGet Rating) will post sales of $2.09 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Fifth Third Bancorp’s earnings. The highest sales estimate is $2.11 billion and the lowest is $2.07 billion. Fifth Third Bancorp posted sales of $1.95 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 7.2%. The firm is scheduled to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Fifth Third Bancorp will report full year sales of $8.46 billion for the current year, with estimates ranging from $8.41 billion to $8.52 billion. For the next year, analysts anticipate that the company will post sales of $9.18 billion, with estimates ranging from $9.06 billion to $9.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last released its earnings results on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the company earned $0.93 earnings per share.

Several research firms recently weighed in on FITB. Morgan Stanley cut shares of Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $56.00 to $50.00 in a research note on Monday, March 28th. Wolfe Research lowered their price target on shares of 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. Wedbush lifted their target price on shares of Fifth Third Bancorp to $48.00 and gave the stock a “na” rating in a report on Tuesday, May 17th. StockNews.com assumed coverage on shares of Fifth Third Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Monday, April 25th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $47.87.

Fifth Third Bancorp stock opened at $39.56 on Wednesday. The company has a market capitalization of $27.05 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.29 and a beta of 1.30. The company’s fifty day moving average price is $38.74 and its two-hundred day moving average price is $43.27. Fifth Third Bancorp has a one year low of $34.35 and a one year high of $50.64. 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 company 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 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Wednesday, March 30th. Fifth Third Bancorp’s payout ratio is currently 34.38%.

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

A number of large investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in Fifth Third Bancorp by 4.2% during the 1st quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock valued at $20,569,000 after acquiring an additional 32,680 shares during the period. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Fifth Third Bancorp by 10.9% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after purchasing an additional 55,145 shares in the last quarter. Ameritas Investment Company LLC purchased a new position in shares of Fifth Third Bancorp in the third quarter valued at $203,000. Ensign Peak Advisors Inc grew its holdings in shares of Fifth Third Bancorp by 4.6% in the third quarter. Ensign Peak Advisors Inc now owns 52,003 shares of the financial services provider’s stock valued at $2,207,000 after purchasing an additional 2,273 shares in the last quarter. Finally, Clark Capital Management Group Inc. bought a new stake in Fifth Third Bancorp in the third quarter worth $244,000. Institutional investors own 81.00% of the company’s stock.

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

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