We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Fifth Third (FITB) Q3 Earnings Beat on Higher Revenues
Read MoreHide Full Article
Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
An Earnings Beat
Fifth Third came out with adjusted earnings per share of 64 cents, beating the Zacks Consensus Estimate of 63 cents.
Results were aided by higher revenues, partly offset by increase in provisions and higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was bearish prior to the earnings release. The Zacks Consensus Estimate moved 1.6% lower over the last 30 days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in each of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 10% in the trailing four quarters.
Fifth Third posted adjusted revenues of $1.63 billion, in line with the Zacks Consensus Estimate. Also, revenues were up 5.2% year over year.
Key Stats:
Including one-time items, earnings per share would have been 61 cents, down 55% year over year
Net income available to common shareholders declined 58% year over year to $418 million.
Provision for loan and lease losses increased 28% year over year to $86 million.
Non-interest expenses of $1 billion rose 3% from the year-ago quarter
Return on average assets decreased to 1.21% from 2.85% in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Fifth Third earnings report!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Fifth Third (FITB) Q3 Earnings Beat on Higher Revenues
Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
An Earnings Beat
Fifth Third came out with adjusted earnings per share of 64 cents, beating the Zacks Consensus Estimate of 63 cents.
Results were aided by higher revenues, partly offset by increase in provisions and higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was bearish prior to the earnings release. The Zacks Consensus Estimate moved 1.6% lower over the last 30 days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in each of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 10% in the trailing four quarters.
Fifth Third Bancorp Price and EPS Surprise
Fifth Third Bancorp Price and EPS Surprise | Fifth Third Bancorp Quote
Revenue Came In Line with Expectation
Fifth Third posted adjusted revenues of $1.63 billion, in line with the Zacks Consensus Estimate. Also, revenues were up 5.2% year over year.
Key Stats:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Fifth Third earnings report!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>