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 Rise 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:
Earnings Up Y/Y
Fifth Third came out with earnings per share of 65 cents (including certain one-time items), up from 45 cents in the prior year quarter. Excluding one-time items, earnings per share would have been 43 cents for the reported quarter. The Zacks Consensus Estimate was 41 cents.
Results were aided by increased revenues and lower provisions, partially offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 41 cents over the last 7 days.
Notably, Fifth Third has a decent earnings surprise history.
Overall, the company has a positive average earnings surprise of 7.4% in the trailing four quarters.
Revenue Came More Than Expected
Fifth Third posted revenues of $1.75 billion, surpassing the Zacks Consensus Estimate of $1.66 billion. Moreover, revenues improved 8.3% year over year.
Key Stats:
Net income available to common shareholders increased 37% year over year to $501 million.
Provision for loan and lease losses decreased 49% year over year to $80 million.
Total non-interest expense increased 3% year over year to $973 million.
Return on average assets improved to 1.44% in the third-quarter 2016 from 1.07% in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now 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!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Fifth Third (FITB) Q3 Earnings Rise 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:
Earnings Up Y/Y
Fifth Third came out with earnings per share of 65 cents (including certain one-time items), up from 45 cents in the prior year quarter. Excluding one-time items, earnings per share would have been 43 cents for the reported quarter. The Zacks Consensus Estimate was 41 cents.
Results were aided by increased revenues and lower provisions, partially offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 41 cents over the last 7 days.
Notably, Fifth Third has a decent earnings surprise history.
FIFTH THIRD BK Price and EPS Surprise
FIFTH THIRD BK Price and EPS Surprise | FIFTH THIRD BK Quote
Overall, the company has a positive average earnings surprise of 7.4% in the trailing four quarters.
Revenue Came More Than Expected
Fifth Third posted revenues of $1.75 billion, surpassing the Zacks Consensus Estimate of $1.66 billion. Moreover, revenues improved 8.3% year over year.
Key Stats:
Net income available to common shareholders increased 37% year over year to $501 million.
Provision for loan and lease losses decreased 49% year over year to $80 million.
Total non-interest expense increased 3% year over year to $973 million.
Return on average assets improved to 1.44% in the third-quarter 2016 from 1.07% in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now 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!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>