Fifth Third Bancorp (NASDAQ:FITB) Expected to Announce Earnings of $0.83 Per Share

Equities analysts expect that Fifth Third Bancorp (NASDAQ:FITB) will post earnings of $0.83 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Fifth Third Bancorp’s earnings, with estimates ranging from $0.78 to $0.89. Fifth Third Bancorp reported earnings of $0.30 per share in the same quarter last year, which would suggest a positive year over year growth rate of 176.7%. The business is scheduled to issue its next quarterly earnings report before the market opens on Thursday, July 22nd.

On average, analysts expect that Fifth Third Bancorp will report full year earnings of $3.48 per share for the current year, with EPS estimates ranging from $3.34 to $3.67. For the next fiscal year, analysts forecast that the company will report earnings of $3.26 per share, with EPS estimates ranging from $3.05 to $3.50. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, April 19th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.24. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a return on equity of 10.84% and a net margin of 25.12%. During the same period last year, the business posted $0.04 EPS.

A number of brokerages have issued reports on FITB. Citigroup started coverage on shares of Fifth Third Bancorp in a research report on Friday, July 16th. They set a “hold” rating and a $36.73 target price for the company. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $28.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, April 1st. Odeon Capital Group lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Barclays increased their price objective on shares of Fifth Third Bancorp from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, April 7th. Eight research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Buy” and an average price target of $38.71.

In other Fifth Third Bancorp news, Director Mitchell Feiger sold 104,044 shares of the stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $40.82, for a total transaction of $4,247,076.08. Also, EVP Howard Hammond sold 1,732 shares of the firm’s stock in a transaction dated Wednesday, May 5th. The stock was sold at an average price of $41.29, for a total transaction of $71,514.28. Following the completion of the transaction, the executive vice president now owns 51,592 shares in the company, valued at $2,130,233.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 135,079 shares of company stock valued at $5,529,625. 0.66% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in Fifth Third Bancorp by 67.9% in the first quarter. Franklin Resources Inc. now owns 60,114 shares of the financial services provider’s stock valued at $2,252,000 after acquiring an additional 24,301 shares during the period. Guggenheim Capital LLC boosted its position in Fifth Third Bancorp by 2.5% during the 4th quarter. Guggenheim Capital LLC now owns 151,745 shares of the financial services provider’s stock valued at $4,184,000 after purchasing an additional 3,659 shares during the period. Toroso Investments LLC bought a new position in Fifth Third Bancorp during the 1st quarter worth $388,000. Ensign Peak Advisors Inc increased its position in Fifth Third Bancorp by 33.4% in the first quarter. Ensign Peak Advisors Inc now owns 154,490 shares of the financial services provider’s stock worth $5,787,000 after buying an additional 38,678 shares during the period. Finally, Forsta AP Fonden increased its position in Fifth Third Bancorp by 1.0% in the first quarter. Forsta AP Fonden now owns 155,500 shares of the financial services provider’s stock worth $5,823,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 79.13% of the company’s stock.

NASDAQ FITB traded down $1.08 on Thursday, hitting $35.80. 294,139 shares of the company’s stock were exchanged, compared to its average volume of 4,075,930. Fifth Third Bancorp has a fifty-two week low of $18.25 and a fifty-two week high of $43.06. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $39.64. The stock has a market cap of $25.20 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.25 and a beta of 1.56.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, June 29th. This represents a $1.08 annualized dividend and a dividend yield of 3.02%. Fifth Third Bancorp’s payout ratio is 50.00%.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.

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

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