S&P 500 (NYSE:SPY) component Fifth Third Bancorp (NASDAQ:FITB) swung to a profit in the first quarter, but still came up short of analyst expectations. Fifth Third Bancorp is a diversified financial services company which conducts its lending, deposit gathering, transaction processing and service advisory activities through its subsidiaries.
Fifth Third Bancorp Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $265 million (10 cents/diluted share) in the quarter. The Midwest regional bank had a net loss of $10 million or a loss of 9 cents per share in the year earlier quarter.
Revenue: Fell 67% to $584 million YoY.
Actual vs. Wall St. Expectations: FITB fell short of the mean analyst estimate of 26 cents/share. Estimates ranged from 17 cents per share to 33 cents per share.
Competitors to Watch: Huntington Bancshares Inc. (NASDAQ:HBAN), FirstMerit Corporation (NASDAQ:FMER), Dearborn Bancorp, Inc. (NASDAQ:DEAR), Marshall & Ilsley Corp. (NYSE:MI), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), PNC Financial Services (NYSE:PNC), PrivateBancorp, Inc. (NASDAQ:PVTB), JPMorgan Chase & Co. (NYSE:JPM), and SunTrust Banks, Inc. (NYSE:STI).
Today’s Performance: Shares of FITB are trading at $13.16, down 1.2% from the previous closing price of $13.32.