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Based in Cincinnati, Ohio, Fifth Third Bancorp (FITB) is a diversified financial services company providing various financial products and services. Valued at a market cap of $28.6 billion, the company engages in commercial banking, consumer and small business banking, and wealth and asset management. It is expected to announce its fiscal Q3 earnings results before the market opens on Thursday, Oct. 18.
Ahead of this event, analysts project the bank to report a profit of $0.82 per share, down 10.9% from $0.92 per share in the year-ago quarter. However, the company has consistently surpassed Wall Street's earnings estimates in the last four quarters.
Its adjusted earnings of $0.86 per share for the last quarter surpassed the consensus estimates by 2.4%. FITB’s Q2 EPS surprise can be attributed to a decline in expenses and provisions for credit losses.
For fiscal 2024, analysts expect FITB to report an EPS of $3.30, down 7% from $3.55 in fiscal 2023.
Shares of Fifth Third Bancorp have gained 22.1% on a YTD basis, outpacing both the S&P 500 Index's ($SPX) 19.9% rise and the Financial Select Sector SPDR Fund’s (XLF) 19.9% returns over the same period.
On Jul. 19, shares of FITB gained 1.9% following its Q2 earnings release. The company’s revenue of $2.08 billion for the period missed the Wall Street estimates and declined 4.6% from a year ago.
Analysts' consensus view on Fifth Third’s stock is moderately optimistic, with a "Moderate Buy" rating overall. Among 22 analysts covering the stock, 11 recommend a "Strong Buy," one suggests a "Moderate Buy," and 10 suggest a "Hold." The mean price target for FITB is $44.12, indicating a potential upside of 4.7% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
