Brokerages Anticipate Fifth Third Bancorp (NASDAQ:FITB) to Post $0.74 EPS

Equities research analysts expect Fifth Third Bancorp (NASDAQ:FITB) to announce earnings of $0.74 per share for the current quarter, according to Zacks. Seven analysts have made estimates for Fifth Third Bancorp’s earnings. The lowest EPS estimate is $0.70 and the highest is $0.76. Fifth Third Bancorp posted earnings per share of $0.64 during the same quarter last year, which would suggest a positive year-over-year growth rate of 15.6%. The company is scheduled to announce its next earnings report on Tuesday, October 22nd.

On average, analysts expect that Fifth Third Bancorp will report full-year earnings of $2.82 per share for the current financial year, with EPS estimates ranging from $2.69 to $2.90. For the next financial year, analysts anticipate that the firm will report earnings of $3.06 per share, with EPS estimates ranging from $2.90 to $3.20. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.05. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share.



A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Raymond James upped their target price on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. BidaskClub lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Wedbush upped their target price on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, UBS Group increased their price objective on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $31.27.

Shares of NASDAQ:FITB traded up $0.36 during midday trading on Tuesday, reaching $26.44. 5,447,585 shares of the company were exchanged, compared to its average volume of 6,908,040. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The company’s fifty day moving average is $28.07. Fifth Third Bancorp has a one year low of $22.12 and a one year high of $30.31. The firm has a market capitalization of $19.41 billion, a PE ratio of 10.41, a PEG ratio of 1.33 and a beta of 1.32.

Fifth Third Bancorp declared that its board has approved a stock buyback plan on Tuesday, June 18th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.96 annualized dividend and a yield of 3.63%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s dividend payout ratio (DPR) is 37.80%.

In other Fifth Third Bancorp news, COO Lars C. Anderson sold 25,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total transaction of $743,750.00. Following the completion of the transaction, the chief operating officer now owns 241,579 shares in the company, valued at $7,186,975.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jewell D. Hoover sold 3,739 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total transaction of $99,120.89. Following the transaction, the director now owns 50,397 shares of the company’s stock, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in FITB. Arizona State Retirement System lifted its holdings in shares of Fifth Third Bancorp by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 334,535 shares of the financial services provider’s stock worth $9,334,000 after acquiring an additional 4,900 shares during the last quarter. Strs Ohio lifted its holdings in shares of Fifth Third Bancorp by 9.1% in the 2nd quarter. Strs Ohio now owns 73,906 shares of the financial services provider’s stock worth $2,061,000 after acquiring an additional 6,179 shares during the last quarter. Virginia Retirement Systems ET AL lifted its holdings in shares of Fifth Third Bancorp by 86.3% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 269,800 shares of the financial services provider’s stock worth $7,527,000 after acquiring an additional 125,000 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Fifth Third Bancorp by 4.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,161,871 shares of the financial services provider’s stock worth $29,302,000 after acquiring an additional 49,174 shares during the last quarter. Finally, Cerebellum GP LLC lifted its holdings in shares of Fifth Third Bancorp by 331.2% in the 2nd quarter. Cerebellum GP LLC now owns 12,777 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 9,814 shares during the last quarter. Institutional investors and hedge funds own 82.44% 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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