。
It's 5 in the evening.
Literal
Evening-of 5 o'clock is-[polite-です].
Minimal time-telling. Note how 夕方の五時 uses the genitive の to anchor the clock time to a part of the day — Japanese often specifies AM/PM this way in casual speech, using 朝 (morning), 昼 (noon), 夕方 (evening), 夜 (night) as time-of-day anchors.