Fifth Third Bancorp (FITB) Expected to Announce Quarterly Sales of $1.90 Billion

Equities research analysts forecast that Fifth Third Bancorp (NASDAQ:FITB) will report $1.90 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Fifth Third Bancorp’s earnings, with the lowest sales estimate coming in at $1.88 billion and the highest estimate coming in at $1.92 billion. Fifth Third Bancorp reported sales of $1.76 billion in the same quarter last year, which would suggest a positive year over year growth rate of 8%. The company is scheduled to report its next quarterly earnings report on Thursday, July 18th.

According to Zacks, analysts expect that Fifth Third Bancorp will report full year sales of $7.64 billion for the current financial year, with estimates ranging from $7.43 billion to $8.00 billion. For the next year, analysts forecast that the company will post sales of $7.82 billion, with estimates ranging from $7.72 billion to $7.95 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share.

A number of equities research analysts have weighed in on FITB shares. ValuEngine upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Bank of America set a $29.00 price objective on Fifth Third Bancorp and gave the company a “hold” rating in a research note on Wednesday, January 23rd. BMO Capital Markets boosted their price objective on Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, April 25th. They noted that the move was a valuation call. Finally, Raymond James set a $30.00 price objective on Fifth Third Bancorp and gave the company a “buy” rating in a research note on Wednesday, January 23rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $31.67.

NASDAQ FITB traded down $0.38 on Wednesday, reaching $27.00. The stock had a trading volume of 6,646,595 shares, compared to its average volume of 7,515,174. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $34.53. The stock has a market cap of $19.83 billion, a P/E ratio of 10.63, a P/E/G ratio of 1.26 and a beta of 1.36.

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Thursday, March 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 34.65%.

In other news, EVP Frank R. Forrest sold 26,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $26.37, for a total transaction of $685,620.00. Following the completion of the sale, the executive vice president now owns 62,974 shares in the company, valued at $1,660,624.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Teresa J. Tanner sold 55,600 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $27.47, for a total value of $1,527,332.00. The disclosure for this sale can be found here. Insiders have sold 84,727 shares of company stock valued at $2,302,901 in the last 90 days. Company insiders own 0.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Fifth Third Bancorp by 16.9% in the first quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock worth $1,284,778,000 after acquiring an additional 7,355,944 shares in the last quarter. Sanders Capital LLC raised its position in Fifth Third Bancorp by 3.3% in the first quarter. Sanders Capital LLC now owns 18,398,085 shares of the financial services provider’s stock worth $518,001,000 after acquiring an additional 579,200 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Fifth Third Bancorp by 76.0% in the first quarter. Dimensional Fund Advisors LP now owns 16,903,360 shares of the financial services provider’s stock worth $426,325,000 after acquiring an additional 7,301,720 shares in the last quarter. Geode Capital Management LLC raised its position in Fifth Third Bancorp by 24.2% in the first quarter. Geode Capital Management LLC now owns 11,769,667 shares of the financial services provider’s stock worth $296,356,000 after acquiring an additional 2,293,720 shares in the last quarter. Finally, Northern Trust Corp raised its position in Fifth Third Bancorp by 15.4% in the first quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock worth $268,268,000 after acquiring an additional 1,416,806 shares in the last quarter. Institutional investors and hedge funds own 84.28% of the company’s stock.

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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