Fifth Third Bancorp (FITB) Expected to Announce Earnings of $0.64 Per Share

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Wall Street analysts expect Fifth Third Bancorp (NASDAQ:FITB) to report earnings of $0.64 per share for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Fifth Third Bancorp’s earnings, with estimates ranging from $0.60 to $0.70. Fifth Third Bancorp reported earnings per share of $0.48 in the same quarter last year, which suggests a positive year over year growth rate of 33.3%. The company is expected to announce its next quarterly earnings results before the market opens on Tuesday, October 23rd.

According to Zacks, analysts expect that Fifth Third Bancorp will report full year earnings of $2.51 per share for the current fiscal year, with EPS estimates ranging from $2.40 to $2.62. For the next fiscal year, analysts anticipate that the business will post earnings of $2.71 per share, with EPS estimates ranging from $2.57 to $2.84. Zacks’ EPS averages are an average based on a survey of research analysts that cover Fifth Third Bancorp.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. Fifth Third Bancorp had a net margin of 32.86% and a return on equity of 11.12%. During the same period in the previous year, the firm posted $0.45 EPS.

FITB has been the topic of a number of research reports. BMO Capital Markets reduced their price target on shares of Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a report on Monday, July 23rd. BidaskClub downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 22nd. Argus initiated coverage on shares of Fifth Third Bancorp in a report on Thursday, June 14th. They issued a “buy” rating and a $36.00 price target on the stock. Vining Sparks reiterated a “buy” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a report on Thursday, July 19th. Finally, Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Monday, July 16th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $32.18.

Several institutional investors have recently bought and sold shares of FITB. Schroder Investment Management Group boosted its stake in shares of Fifth Third Bancorp by 106.3% during the 2nd quarter. Schroder Investment Management Group now owns 4,166,562 shares of the financial services provider’s stock worth $119,747,000 after purchasing an additional 2,146,656 shares during the period. Andra AP fonden boosted its stake in shares of Fifth Third Bancorp by 18.0% during the 2nd quarter. Andra AP fonden now owns 284,400 shares of the financial services provider’s stock worth $8,162,000 after purchasing an additional 43,300 shares during the period. Global X Management Co LLC boosted its stake in shares of Fifth Third Bancorp by 77.9% during the 2nd quarter. Global X Management Co LLC now owns 30,483 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 13,346 shares during the period. Fairfield Bush & CO. boosted its stake in shares of Fifth Third Bancorp by 12.2% during the 2nd quarter. Fairfield Bush & CO. now owns 28,784 shares of the financial services provider’s stock worth $826,000 after purchasing an additional 3,130 shares during the period. Finally, Verition Fund Management LLC boosted its stake in shares of Fifth Third Bancorp by 343.7% during the 2nd quarter. Verition Fund Management LLC now owns 28,085 shares of the financial services provider’s stock worth $806,000 after purchasing an additional 21,755 shares during the period. Hedge funds and other institutional investors own 83.91% of the company’s stock.

Shares of NASDAQ FITB opened at $29.50 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market capitalization of $19.66 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 1.63 and a beta of 1.25. Fifth Third Bancorp has a 52-week low of $24.66 and a 52-week high of $34.67.

About Fifth Third Bancorp

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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