Equities research analysts forecast that Fifth Third Bancorp (NASDAQ:FITB) will report sales of $1.55 billion for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Fifth Third Bancorp’s earnings, with estimates ranging from $1.54 billion to $1.56 billion. Fifth Third Bancorp reported sales of $1.75 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 11.4%. The company is expected to issue its next quarterly earnings report on Thursday, October 19th.

According to Zacks, analysts expect that Fifth Third Bancorp will report full year sales of $1.55 billion for the current fiscal year, with estimates ranging from $6.09 billion to $6.15 billion. For the next fiscal year, analysts expect that the firm will post sales of $6.39 billion per share, with estimates ranging from $6.31 billion to $6.47 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 earnings per share.

A number of equities analysts have recently commented on FITB shares. Instinet raised their target price on shares of Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, June 30th. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.50 target price on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $26.54.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio raised its position in shares of Fifth Third Bancorp by 5.1% in the first quarter. Strs Ohio now owns 86,094 shares of the financial services provider’s stock valued at $2,186,000 after buying an additional 4,160 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Fifth Third Bancorp by 25.5% in the first quarter. Janney Montgomery Scott LLC now owns 28,468 shares of the financial services provider’s stock valued at $723,000 after buying an additional 5,789 shares in the last quarter. Bartlett & Co. LLC raised its position in shares of Fifth Third Bancorp by 89.7% in the first quarter. Bartlett & Co. LLC now owns 12,341 shares of the financial services provider’s stock valued at $313,000 after buying an additional 5,836 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in shares of Fifth Third Bancorp by 34.7% in the first quarter. Glen Harbor Capital Management LLC now owns 126,528 shares of the financial services provider’s stock valued at $3,214,000 after buying an additional 32,592 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Fifth Third Bancorp by 1.7% in the first quarter. ProShare Advisors LLC now owns 261,577 shares of the financial services provider’s stock valued at $6,644,000 after buying an additional 4,246 shares in the last quarter. 81.26% of the stock is owned by institutional investors.

Fifth Third Bancorp (FITB) opened at 26.83 on Thursday. Fifth Third Bancorp has a 1-year low of $19.34 and a 1-year high of $28.97. The firm has a 50 day moving average of $26.43 and a 200 day moving average of $25.73. The firm has a market cap of $19.77 billion, a P/E ratio of 13.60 and a beta of 1.37.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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

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