Fifth Third Bancorp (NASDAQ:FITB) is on the verge of announcement of the second quarter results

Pushpa Naresh - July 18, 2013

Boston, MA 07/18/2013 (wallstreetpr) – Fifth Third Bancorp (NASDAQ:FITB) is on the verge of announcement of results for the second quarter during July; Wall Street analysts were expecting an optimistic projection for the profit to $1.44 per share from the previous year’s profit of $0.36. With the projection for revenue for the year with a value of $6.35 billion, the quarter’s revenue had dipped by 6% to $1.61 billion compared to last year revenue of $1.71 billion. Profit for the year on year rose by 11% where the major push was in the fourth quarter with an awesome gain of 27%.

FITB’s revenue grew by 2% for the first quarter and 18% in the fourth quarter. The net income rose by 10% for the recent quarter and over 27% for the quarter before. FITB is a financial services company that deals with the retail banking, investment advisory, commercial banking and data processing. The P/E ratio is 11.29. There was a year on year increase in revenue for the company since 2008 starting from $8,554 during 2008, $9,450 during 2009, $7,218 during 2010, and $6,673 during 2011, $7,106 during 2012. The average estimate of profit is $1.71 billion for the current year.

There had been a gain of 0.69% in the shares of Fifth Third Bancorp which closed at $18.99 per share on Wednesday. The stock had presented intraday fluctuations on the range of $18.80 to $19.01 per share, after opening at $18.86 for the day. The company had recorded 52 week low at $13.37 and 52 week high at $19.09 per share. There are 874.66 million shares outstanding with a market cap of $16.61 billion and an institutional ownership of 82% of the total capital. The trading volume on Wednesday was 8.01 million shares and the average volume is at 9.83 million shares per day.

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Pushpa Naresh

Pushpa Naresh has done MBA (Finance) and an avid market tracker. She is a technical analyst who closely tracks US markets along with other global markets like India. She has been expressing her views about markets and also advises various clients.

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