Fifth Third Bancorp (NASDAQ:FITB) Expected to Post Quarterly Sales of $1.90 Billion

Brokerages expect Fifth Third Bancorp (NASDAQ:FITB) to announce $1.90 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Fifth Third Bancorp’s earnings. The lowest sales estimate is $1.90 billion and the highest is $1.92 billion. Fifth Third Bancorp reported sales of $2.18 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 12.8%. The business is expected to report its next earnings results before the market opens on Tuesday, April 21st.

On average, analysts expect that Fifth Third Bancorp will report full-year sales of $7.69 billion for the current financial year, with estimates ranging from $7.56 billion to $7.83 billion. For the next year, analysts forecast that the company will post sales of $7.77 billion, with estimates ranging from $7.59 billion to $7.93 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Fifth Third Bancorp.

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

A number of equities analysts have commented on FITB shares. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $32.00 price objective on the stock in a research note on Monday, March 2nd. UBS Group lowered their price objective on Fifth Third Bancorp from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Evercore ISI restated a “sell” rating on shares of Fifth Third Bancorp in a research note on Thursday, January 23rd. BidaskClub lowered Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 18th. Finally, TheStreet lowered Fifth Third Bancorp from a “b” rating to a “c+” rating in a research note on Tuesday, March 10th. Three 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 stock presently has an average rating of “Hold” and a consensus price target of $31.43.

In other news, EVP Frank R. Forrest sold 3,224 shares of Fifth Third Bancorp stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $28.23, for a total value of $91,013.52. Following the transaction, 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 is available at the SEC website. Also, Director Katherine H. Blackburn purchased 58,800 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was acquired 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 approximately $1,760,202.60. The disclosure for this purchase can be found here. Company insiders own 0.52% of the company’s stock.

A number of hedge funds have recently modified their holdings of FITB. Sailer Financial LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $28,000. Global Retirement Partners LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $31,000. Americana Partners LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $32,000. TFG Advisers LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $35,000. Finally, Aigen Investment Management LP acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $42,000. 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 Monday, reaching $17.32. 11,894,415 shares of the company were exchanged, compared to its average volume of 7,153,147. The company has a fifty day simple moving average of $23.29 and a 200-day simple moving average of $27.68. Fifth Third Bancorp has a 12 month low of $11.10 and a 12 month high of $31.64. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market cap of $10.25 billion, a PE ratio of 5.15, a PEG ratio of 0.61 and a beta of 1.36.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be paid a $0.27 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, March 30th. This represents a $1.08 annualized dividend and a dividend yield of 6.24%. Fifth Third Bancorp’s dividend payout ratio (DPR) 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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