Fifth Third Bancorp (NASDAQ:FITB) Expected to Post Earnings of $0.62 Per Share

Brokerages expect Fifth Third Bancorp (NASDAQ:FITB) to post earnings of $0.62 per share for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Fifth Third Bancorp’s earnings. The lowest EPS estimate is $0.52 and the highest is $0.67. Fifth Third Bancorp posted earnings per share of $0.63 during the same quarter last year, which would suggest a negative year over year growth rate of 1.6%. The business is scheduled to announce its next earnings report before the market opens on Tuesday, April 21st.

According to Zacks, analysts expect that Fifth Third Bancorp will report full year earnings of $2.86 per share for the current fiscal year, with EPS estimates ranging from $2.52 to $3.05. For the next fiscal year, analysts expect that the company will report earnings of $3.00 per share, with EPS estimates ranging from $2.67 to $3.25. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that cover Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Fifth Third Bancorp had a net margin of 25.65% and a return on equity of 10.96%. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the firm earned $0.69 EPS.

Several research analysts recently weighed in on the stock. UBS Group dropped their target price on shares of Fifth Third Bancorp from $36.00 to $35.00 and set a “buy” rating for the company in a report on Friday, January 24th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a report on Thursday, January 23rd. BidaskClub downgraded shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, January 18th. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $32.00 target price for the company in a report on Monday, March 2nd. Finally, Barclays raised shares of Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $38.00 target price for the company in a report on Monday, January 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.43.

In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 3,224 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $28.23, for a total value of $91,013.52. Following the sale, the executive vice president now owns 53,874 shares in the company, valued at approximately $1,520,863.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Katherine H. Blackburn purchased 58,800 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was bought at an average price of $16.90 per share, for a total transaction of $993,720.00. Following the purchase, the director now owns 104,154 shares in the company, valued at $1,760,202.60. The disclosure for this purchase can be found here. 0.52% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Citizens Financial Group Inc RI raised its position in shares of Fifth Third Bancorp by 820.9% during the 4th quarter. Citizens Financial Group Inc RI now owns 2,376 shares of the financial services provider’s stock valued at $73,000 after buying an additional 2,118 shares in the last quarter. National Pension Service raised its position in Fifth Third Bancorp by 5.2% in the 3rd quarter. National Pension Service now owns 923,950 shares of the financial services provider’s stock worth $25,298,000 after purchasing an additional 46,080 shares during the period. AQR Capital Management LLC raised its position in Fifth Third Bancorp by 38.9% in the 4th quarter. AQR Capital Management LLC now owns 7,079,374 shares of the financial services provider’s stock worth $217,620,000 after purchasing an additional 1,984,067 shares during the period. Carroll Financial Associates Inc. raised its position in Fifth Third Bancorp by 26.8% in the 4th quarter. Carroll Financial Associates Inc. now owns 15,316 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 3,236 shares during the period. Finally, Manning & Napier Group LLC raised its position in Fifth Third Bancorp by 2.3% in the 4th quarter. Manning & Napier Group LLC now owns 290,220 shares of the financial services provider’s stock worth $8,921,000 after purchasing an additional 6,449 shares during the period. Institutional investors and hedge funds own 78.90% of the company’s stock.

Fifth Third Bancorp stock traded up $2.50 during mid-day trading on Friday, hitting $17.32. The stock had a trading volume of 11,894,415 shares, compared to its average volume of 7,153,147. The firm has a market capitalization of $10.25 billion, a P/E ratio of 5.15, a P/E/G ratio of 0.61 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.77. The firm’s 50 day moving average is $23.29 and its 200 day moving average is $27.68. Fifth Third Bancorp has a one year low of $11.10 and a one year high of $31.64.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be paid a $0.27 dividend. The ex-dividend date is Monday, March 30th. This represents a $1.08 annualized dividend and a yield of 6.24%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.24. Fifth Third Bancorp’s payout ratio is presently 34.66%.

Fifth Third Bancorp Company Profile

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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