Wall Street brokerages expect Fifth Third Bancorp (NASDAQ:FITB) to announce $1.93 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Fifth Third Bancorp's earnings, with the lowest sales estimate coming in at $1.93 billion and the highest estimate coming in at $1.94 billion. Fifth Third Bancorp reported sales of $1.89 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.1%. The firm is expected to issue its next earnings report on Thursday, October 28th.
On average, analysts expect that Fifth Third Bancorp will report full-year sales of $7.79 billion for the current financial year, with estimates ranging from $7.70 billion to $7.83 billion. For the next financial year, analysts forecast that the company will post sales of $7.90 billion, with estimates ranging from $7.74 billion to $8.08 billion. Zacks' sales averages are an average based on a survey of research firms that cover Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Wednesday, July 21st. The financial services provider reported $0.94 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.81 by $0.13. Fifth Third Bancorp had a net margin of 25.12% and a return on equity of 10.84%. During the same quarter last year, the business posted $0.23 EPS.
A number of research analysts recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Fifth Third Bancorp from $38.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, April 21st. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $45.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, April 29th. Robert W. Baird raised their target price on shares of Fifth Third Bancorp from $39.00 to $44.00 and gave the company an "outperform" rating in a research note on Thursday, June 3rd. JPMorgan Chase & Co. raised their target price on shares of Fifth Third Bancorp from $38.50 to $42.00 and gave the company a "neutral" rating in a research note on Monday, May 3rd. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a "buy" rating to a "hold" rating and set a $44.00 price target for the company. in a report on Tuesday, May 11th. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Fifth Third Bancorp has an average rating of "Buy" and an average target price of $38.71.
Shares of FITB opened at $35.78 on Friday. The business's fifty day simple moving average is $39.38. Fifth Third Bancorp has a 12 month low of $18.95 and a 12 month high of $43.06. The firm has a market cap of $25.19 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 1.28 and a beta of 1.56. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.72.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Tuesday, June 29th. Fifth Third Bancorp's payout ratio is presently 50.00%.
In other news, EVP Howard Hammond sold 1,732 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $41.29, for a total transaction of $71,514.28. Following the completion of the sale, the executive vice president now owns 51,592 shares in the company, valued at approximately $2,130,233.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mitchell Feiger sold 104,044 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $40.82, for a total transaction of $4,247,076.08. Insiders sold a total of 135,079 shares of company stock valued at $5,529,625 in the last 90 days. Corporate insiders own 0.66% of the company's stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $217,028,000. Nuveen Asset Management LLC lifted its stake in Fifth Third Bancorp by 46.4% in the fourth quarter. Nuveen Asset Management LLC now owns 8,083,824 shares of the financial services provider's stock valued at $222,870,000 after buying an additional 2,563,567 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Fifth Third Bancorp by 40.0% in the first quarter. Alliancebernstein L.P. now owns 6,382,347 shares of the financial services provider's stock valued at $239,019,000 after buying an additional 1,822,728 shares in the last quarter. Morgan Stanley lifted its position in shares of Fifth Third Bancorp by 61.3% in the fourth quarter. Morgan Stanley now owns 4,681,943 shares of the financial services provider's stock worth $129,081,000 after purchasing an additional 1,779,324 shares in the last quarter. Finally, Mariner LLC lifted its position in shares of Fifth Third Bancorp by 1,064.3% in the first quarter. Mariner LLC now owns 1,143,317 shares of the financial services provider's stock worth $42,818,000 after purchasing an additional 1,045,121 shares in the last quarter. Hedge funds and other institutional investors own 79.13% of the company's stock.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.
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