Regional banking company Fifth Third Bancorp (NASDAQ: FITB) will be reporting earnings tomorrow morning. Here’s what investors should know.
Fifth Third Bancorp met analysts’ revenue expectations last quarter, reporting revenues of $2.86 billion, up 32.2% year on year. It was a slower quarter for the company, with EPS in line with analysts’ estimates and a slight miss of analysts’ tangible book value per share estimates.
Is Fifth Third Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Fifth Third Bancorp’s revenue to grow 45.4% year on year, improving from the 5.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Fifth Third Bancorp rarely misses Wall Street’s revenue estimates.
Looking at Fifth Third Bancorp’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. M&T Bank delivered year-on-year revenue growth of 5.5%, beating analysts’ expectations by 2.5%, and Citizens Financial Group reported revenues up 12.1%, topping estimates by 1.6%.
Read our full analysis of M&T Bank’s results here and Citizens Financial Group’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 6.6% on average over the last month. Fifth Third Bancorp is up 9.9% during the same time and is heading into earnings with an average analyst price target of $60.80 (compared to the current share price of $57.79).
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