Fifth Third Bancorp (FITB) Expected to Post Earnings of $0.67 Per Share

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Equities analysts forecast that Fifth Third Bancorp (NASDAQ:FITB) will post earnings per share of $0.67 for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Fifth Third Bancorp’s earnings, with the highest EPS estimate coming in at $0.70 and the lowest estimate coming in at $0.64. Fifth Third Bancorp posted earnings of $0.52 per share in the same quarter last year, which indicates a positive year over year growth rate of 28.8%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, January 22nd.

According to Zacks, analysts expect that Fifth Third Bancorp will report full-year earnings of $2.49 per share for the current fiscal year, with EPS estimates ranging from $2.45 to $2.52. For the next year, analysts forecast that the business will report earnings of $2.72 per share, with EPS estimates ranging from $2.60 to $2.85. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fifth Third Bancorp had a net margin of 28.89% and a return on equity of 11.74%. During the same quarter in the previous year, the firm earned $1.35 earnings per share.

Several analysts recently commented on FITB shares. BMO Capital Markets reduced their price objective on shares of Fifth Third Bancorp from $32.00 to $30.00 and set a “market perform” rating for the company in a research note on Wednesday, October 24th. Wedbush set a $34.00 price objective on shares of Fifth Third Bancorp and gave the company a “buy” rating in a research note on Thursday, September 20th. Raymond James upgraded shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a research note on Wednesday, October 31st. They noted that the move was a valuation call. Morgan Stanley reduced their price objective on shares of Fifth Third Bancorp from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 11th. Finally, Piper Jaffray Companies set a $31.00 price objective on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research note on Monday, October 29th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $31.75.

Shares of NASDAQ:FITB traded up $0.14 during midday trading on Friday, hitting $25.06. The stock had a trading volume of 4,185,310 shares, compared to its average volume of 5,317,839. The company has a market cap of $16.42 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 1.28 and a beta of 1.24. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.00. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $34.67.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.88 dividend on an annualized basis and a yield of 3.51%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.18. Fifth Third Bancorp’s payout ratio is presently 32.84%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates grew its holdings in shares of Fifth Third Bancorp by 3.9% during the second quarter. Raymond James & Associates now owns 500,330 shares of the financial services provider’s stock worth $14,359,000 after buying an additional 18,897 shares in the last quarter. First Republic Investment Management Inc. grew its holdings in shares of Fifth Third Bancorp by 13.0% during the second quarter. First Republic Investment Management Inc. now owns 42,833 shares of the financial services provider’s stock worth $1,230,000 after buying an additional 4,942 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Fifth Third Bancorp by 3.9% during the second quarter. Bank of America Corp DE now owns 2,596,396 shares of the financial services provider’s stock worth $74,517,000 after buying an additional 97,215 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Fifth Third Bancorp by 1,687.0% during the second quarter. Cubist Systematic Strategies LLC now owns 33,310 shares of the financial services provider’s stock worth $956,000 after buying an additional 31,446 shares in the last quarter. Finally, Sterling Capital Management LLC purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $3,052,000. Institutional investors own 81.85% 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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Earnings History and Estimates for Fifth Third Bancorp (NASDAQ:FITB)

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