Brokerages predict that Fifth Third Bancorp (NASDAQ:FITB) will announce sales of $1.59 billion for the current quarter, Zacks reports. Six analysts have provided estimates for Fifth Third Bancorp’s earnings, with the lowest sales estimate coming in at $1.56 billion and the highest estimate coming in at $1.60 billion. Fifth Third Bancorp reported sales of $1.53 billion during the same quarter last year, which indicates a positive year over year growth rate of 3.9%. The firm is expected to issue its next earnings results on Tuesday, January 23rd.
According to Zacks, analysts expect that Fifth Third Bancorp will report full year sales of $1.59 billion for the current financial year, with estimates ranging from $6.06 billion to $7.11 billion. For the next year, analysts forecast that the firm will post sales of $6.36 billion per share, with estimates ranging from $6.28 billion to $6.44 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the firm earned $0.65 earnings per share.
A number of research analysts have commented on FITB shares. Royal Bank Of Canada increased 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 25th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research note on Thursday, July 27th. BMO Capital Markets reiterated a “market perform” rating and set a $28.00 price objective (up from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday, July 25th. Sanford C. Bernstein reiterated a “market perform” rating and set a $31.00 price objective (up from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday, September 16th. Finally, Bank of America Corporation increased their price objective on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.23.
In other news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $28.86, for a total value of $432,900.00. Following the completion of the sale, the executive vice president now directly owns 154,577 shares of the company’s stock, valued at $4,461,092.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FITB. Horan Capital Advisors LLC. purchased a new stake in shares of Fifth Third Bancorp in the third quarter worth approximately $102,000. Valeo Financial Advisors LLC bought a new position in Fifth Third Bancorp during the third quarter valued at approximately $119,000. Sun Life Financial INC raised its position in Fifth Third Bancorp by 55,050.0% during the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares in the last quarter. Duncker Streett & Co. Inc. raised its position in Fifth Third Bancorp by 0.3% during the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 17 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its position in Fifth Third Bancorp by 14.2% during the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 847 shares in the last quarter. 80.11% of the stock is owned by institutional investors and hedge funds.
Fifth Third Bancorp (NASDAQ FITB) opened at $28.45 on Monday. Fifth Third Bancorp has a 52 week low of $23.20 and a 52 week high of $29.39. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.93. The company has a market cap of $20,073.79, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 2.37 and a beta of 1.34.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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