Equities research analysts predict that Fifth Third Bancorp (NASDAQ:FITB) will post $0.66 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Fifth Third Bancorp’s earnings, with the lowest EPS estimate coming in at $0.63 and the highest estimate coming in at $0.72. Fifth Third Bancorp reported earnings of $0.63 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.8%. The business is scheduled to announce its next quarterly earnings report before the market opens on Tuesday, July 23rd.
According to Zacks, analysts expect that Fifth Third Bancorp will report full-year earnings of $2.80 per share for the current fiscal year, with EPS estimates ranging from $2.72 to $2.90. For the next financial year, analysts anticipate that the business will post earnings of $3.08 per share, with EPS estimates ranging from $2.95 to $3.21. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the company earned $0.57 earnings per share.
Several analysts have recently weighed in on FITB shares. Barclays decreased their target price on Waters from $218.00 to $210.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. UBS Group lifted their target price on W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. started coverage on Pinduoduo in a research report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price for the company. ValuEngine upgraded USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, BidaskClub upgraded Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $31.27.
In other news, CAO Teresa J. Tanner sold 2,918 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total transaction of $83,892.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the transaction, the director now owns 50,397 shares in the company, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,866 shares of company stock worth $189,070. Insiders own 0.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its stake in Fifth Third Bancorp by 16.9% in the first quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock valued at $1,284,778,000 after purchasing an additional 7,355,944 shares during the last quarter. Sanders Capital LLC grew its stake in Fifth Third Bancorp by 3.3% in the first quarter. Sanders Capital LLC now owns 18,398,085 shares of the financial services provider’s stock valued at $518,001,000 after purchasing an additional 579,200 shares during the last quarter. Northern Trust Corp grew its stake in Fifth Third Bancorp by 15.4% in the first quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock valued at $268,268,000 after purchasing an additional 1,416,806 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Fifth Third Bancorp by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock valued at $225,927,000 after purchasing an additional 988,392 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Fifth Third Bancorp by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock valued at $222,615,000 after purchasing an additional 574,887 shares during the last quarter. Institutional investors own 82.20% of the company’s stock.
Shares of NASDAQ:FITB traded down $0.12 on Monday, hitting $27.82. 6,108,480 shares of the company’s stock were exchanged, compared to its average volume of 7,062,164. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $30.31. The company has a market capitalization of $20.52 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The stock’s 50 day simple moving average is $27.61. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, June 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.45%. 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 currently 37.80%.
Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Tuesday, June 18th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
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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