$1.66 Billion in Sales Expected for Fifth Third Bancorp (FITB) This Quarter
Analysts expect Fifth Third Bancorp (NASDAQ:FITB) to report sales of $1.66 billion for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Fifth Third Bancorp’s earnings. The highest sales estimate is $1.88 billion and the lowest is $1.61 billion. Fifth Third Bancorp posted sales of $1.91 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 13.1%. The business is expected to issue its next quarterly earnings report before the market opens on Tuesday, April 23rd.
According to Zacks, analysts expect that Fifth Third Bancorp will report full-year sales of $7.44 billion for the current fiscal year, with estimates ranging from $7.28 billion to $7.70 billion. For the next year, analysts anticipate that the firm will post sales of $7.80 billion, with estimates ranging from $7.52 billion to $8.08 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Fifth Third Bancorp.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, January 22nd. The financial services provider reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.66 billion. Fifth Third Bancorp had a net margin of 27.32% and a return on equity of 12.34%. During the same quarter last year, the firm posted $0.48 earnings per share.
In other news, EVP Frank R. Forrest sold 26,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $26.37, for a total value of $685,620.00. Following the completion of the transaction, the executive vice president now owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FITB. FMR LLC boosted its stake in shares of Fifth Third Bancorp by 0.8% in the third quarter. FMR LLC now owns 1,097,677 shares of the financial services provider’s stock valued at $30,647,000 after purchasing an additional 8,195 shares during the period. First Republic Investment Management Inc. lifted its stake in Fifth Third Bancorp by 11.2% in the third quarter. First Republic Investment Management Inc. now owns 47,633 shares of the financial services provider’s stock worth $1,330,000 after acquiring an additional 4,800 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Fifth Third Bancorp by 13.6% in the third quarter. Pacer Advisors Inc. now owns 37,070 shares of the financial services provider’s stock worth $1,035,000 after acquiring an additional 4,439 shares during the last quarter. Man Group plc lifted its stake in Fifth Third Bancorp by 84.0% in the third quarter. Man Group plc now owns 436,843 shares of the financial services provider’s stock worth $12,197,000 after acquiring an additional 199,427 shares during the last quarter. Finally, Putnam Investments LLC lifted its stake in Fifth Third Bancorp by 0.3% in the third quarter. Putnam Investments LLC now owns 741,866 shares of the financial services provider’s stock worth $20,713,000 after acquiring an additional 2,344 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.
Shares of FITB stock opened at $27.13 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.97. The stock has a market cap of $17.49 billion, a price-to-earnings ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.32. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $34.67.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Thursday, March 28th. Fifth Third Bancorp’s payout ratio is 34.65%.
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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