Regional banking company Fifth Third Bancorp (NASDAQ: FITB) will be reporting results this Friday before the bell. Here’s what you need to know.
Fifth Third Bancorp met analysts’ revenue expectations last quarter, reporting revenues of $2.35 billion, up 5% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ tangible book value per share estimates but a slight miss of analysts’ net interest income 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 32.2% year on year, improving from the 2.7% 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 to 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 Q1 results, giving us a hint as to what we can expect. First Horizon delivered year-on-year revenue growth of 6.1%, missing analysts’ expectations by 0.8%, and Home Bancshares reported revenues up 3%, falling short of estimates by 2.5%.
Read our full analysis of First Horizon’s results here and Home Bancshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 9.1% on average over the last month. Fifth Third Bancorp is up 12.9% during the same time and is heading into earnings with an average analyst price target of $56.18 (compared to the current share price of $49.92).
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