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Fifth Third Bancorp (FITB) Moves 8.6% Higher: Will This Strength Last?
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Fifth Third Bancorp (FITB - Free Report) shares ended the last trading session 8.6% higher at $35.14. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
The Federal Reserve signaled the end of the current rate hike cycle and kept the interest rates unchanged at a 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. Further, the central bank indicated three interest rate cuts by 2024 end. These developments turned investor sentiments bullish on bank stocks as high funding costs will somewhat come down next year, thus supporting spread income and margin. Also, going forward, such monetary easing is likely to propel consumer spending. Hence, the Fifth Third Bancorp stock moved higher.
This company is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -13.5%. Revenues are expected to be $2.15 billion, down 6.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Fifth Third Bancorp, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FITB going forward to see if this recent jump can turn into more strength down the road.
Fifth Third Bancorp is part of the Zacks Banks - Major Regional industry. Truist Financial Corporation (TFC - Free Report) , another stock in the same industry, closed the last trading session 6.1% higher at $37.64. TFC has returned 11.2% in the past month.
For Truist Financial Corporation, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.88. This represents a change of -32.3% from what the company reported a year ago. Truist Financial Corporation currently has a Zacks Rank of #3 (Hold).
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Fifth Third Bancorp (FITB) Moves 8.6% Higher: Will This Strength Last?
Fifth Third Bancorp (FITB - Free Report) shares ended the last trading session 8.6% higher at $35.14. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
The Federal Reserve signaled the end of the current rate hike cycle and kept the interest rates unchanged at a 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. Further, the central bank indicated three interest rate cuts by 2024 end. These developments turned investor sentiments bullish on bank stocks as high funding costs will somewhat come down next year, thus supporting spread income and margin. Also, going forward, such monetary easing is likely to propel consumer spending. Hence, the Fifth Third Bancorp stock moved higher.
This company is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -13.5%. Revenues are expected to be $2.15 billion, down 6.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Fifth Third Bancorp, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FITB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Fifth Third Bancorp is part of the Zacks Banks - Major Regional industry. Truist Financial Corporation (TFC - Free Report) , another stock in the same industry, closed the last trading session 6.1% higher at $37.64. TFC has returned 11.2% in the past month.
For Truist Financial Corporation, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.88. This represents a change of -32.3% from what the company reported a year ago. Truist Financial Corporation currently has a Zacks Rank of #3 (Hold).