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Fifth Third Bancorp FITB

Morningstar Rating
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Stock XNAS Rating as of
$36.25 +2.03 (5.93%)
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As of Delayed Price Closed
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Company Report

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Fifth Third Earnings: Mostly Solid Start to 2024; Maintaining Our Fair Value Estimate of $37

Rajiv Bhatia

No-moat-rated Fifth Third reported a decent start to 2024. First-quarter revenue was 1% above the FactSet consensus estimate. GAAP earnings per share of $0.70 beat the FactSet consensus estimate of $0.67. Noncore items were a $0.06 drag by our calculations, so we view the EPS beat as closer to $0.09 than $0.03. Net interest income was healthy, in our view, and we would also note that net interest margin ticked up slightly to 2.86% in the first quarter from 2.85% in the fourth quarter after several quarters of declines. Adjusted expenses declined 1%, which highlights management's focus on increasing efficiency. If there was one blemish, it was credit trends, which, while they have worsened, were still healthy, in our view.

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Price vs Fair Value

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FITB is trading within a range we consider fairly valued.
Price
$34.22
Fair Value
$75.00
Uncertainty
High
1-Star Price
$31.18
5-Star Price
$68.30
Economic Moat
Jnbk
Capital Allocation
Hjbyxstm

Bulls Say, Bears Say

Bulls

Valuations for banks, including Fifth Third, are not demanding at today's levels. It shouldn't take much to outperform from here.

Bears

There are few positive catalysts left for the banks. Funding costs are running higher, net interest income has likely peaked, higher regulatory scrutiny is coming, and a recession may be around the corner.

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Trading Information

Previous Close Price
$34.22
Day Range
$34.97–36.75
52-Week Range
$22.46–37.41
Bid/Ask
$35.95 / $36.19
Market Cap
$24.78 Bil
Volume/Avg
13.8 Mil / 5.4 Mil

Key Statistics

Price/Earnings (Normalized)
9.45
Price/Sales
2.74
Dividend Yield (Trailing)
4.03%
Dividend Yield (Forward)
4.03%
Total Yield
4.89%

Company Profile

Fifth Third Bancorp is a diversified financial-services company headquartered in Cincinnati. The company has over $200 billion in assets and operates numerous full-service banking branches and ATMs throughout Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Mid Value
Total Number of Employees
18,724
Website
https://www.53.com

Competitors

Valuation

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Metric
FITB
PNC
KEY
Price/Earnings (Normalized)
 9.4510.4912.95
Price/Book Value
 1.361.151.13
Price/Sales
 2.742.812.22
Price/Cash Flow
 5.657.564.17
Price/Earnings
FITB
PNC
KEY

Financial Strength

Metric
FITB
PNC
KEY
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
FITB
PNC
KEY
Return on Assets (Normalized)
 1.26%1.13%0.92%
Return on Equity (Normalized)
 16.87%14.50%15.45%
Return on Invested Capital (Normalized)
 ———
Return on Assets
FITB
PNC
KEY
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