$1.59 Billion in Sales Expected for Fifth Third Bancorp (FITB) This Quarter
Equities analysts predict that Fifth Third Bancorp (NASDAQ:FITB) will post sales of $1.59 billion for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Fifth Third Bancorp’s earnings, with the highest sales estimate coming in at $1.60 billion and the lowest estimate coming in at $1.56 billion. Fifth Third Bancorp reported sales of $1.53 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 3.9%. The business is scheduled to issue its next quarterly earnings results on Tuesday, January 23rd.
On average, analysts expect that Fifth Third Bancorp will report full year sales of $1.59 billion for the current financial year, with estimates ranging from $6.06 billion to $7.11 billion. For the next fiscal year, analysts anticipate that the company will report sales of $6.35 billion per share, with estimates ranging from $6.28 billion to $6.44 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.48 EPS for the quarter, meeting the consensus estimate of $0.48. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the company earned $0.65 earnings per share.
A number of equities analysts have recently issued reports on the company. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Tuesday, October 24th. Piper Jaffray Companies reissued a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, October 24th. Nomura increased their target price on Fifth Third Bancorp from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Friday. Three analysts have rated the stock with a sell rating, twenty have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $28.33.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 29.01 on Tuesday. The firm has a 50-day moving average price of $27.78 and a 200 day moving average price of $26.09. The firm has a market capitalization of $21.37 billion, a price-to-earnings ratio of 14.70 and a beta of 1.37. Fifth Third Bancorp has a one year low of $21.18 and a one year high of $29.22.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, September 28th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s dividend payout ratio is currently 23.97%.
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In other Fifth Third Bancorp news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total transaction of $432,900.00. Following the transaction, the executive vice president now owns 154,577 shares of the company’s stock, valued at approximately $4,461,092.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.
Several institutional investors have recently modified their holdings of FITB. Highbridge Capital Management LLC purchased a new position in shares of Fifth Third Bancorp during the 1st quarter worth $590,000. Gotham Asset Management LLC purchased a new position in shares of Fifth Third Bancorp during the 1st quarter worth $303,000. Tudor Investment Corp ET AL lifted its stake in shares of Fifth Third Bancorp by 2,340.5% during the 1st quarter. Tudor Investment Corp ET AL now owns 307,508 shares of the financial services provider’s stock worth $7,811,000 after purchasing an additional 294,908 shares during the period. HighTower Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 129.9% during the 1st quarter. HighTower Advisors LLC now owns 76,175 shares of the financial services provider’s stock worth $1,934,000 after purchasing an additional 43,036 shares during the period. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its stake in shares of Fifth Third Bancorp by 8.0% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 37,160 shares of the financial services provider’s stock worth $944,000 after purchasing an additional 2,760 shares during the period. 79.44% of the stock is currently owned by institutional investors.
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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