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.


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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