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Fifth Third Bancorp FITB

Morningstar Rating
$33.97 +0.70 (2.10%)
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Company Report

NYCB Was Uniquely Risky; We Would Not Read Too Much Into the Entire Banking Sector

Our thesis on the U.S. banks following the Silicon Bank fallout was that all of the banks we covered, except for First Republic (which we downgraded to a $3 fair value estimate on March 20, 2023, and a $0 fair value on April 27, 2023), would be able to weather the storm. We believed that banks in trouble were in uniquely risky positions. We believe this thesis has largely held up, and sorting through banks based on their unique risk profiles remains necessary and valuable. To the extent that the market is selling off all banks because of what has happened to NYCB, we think there could be opportunities once again while acknowledging the significant time horizon risk (how long does it take for the banks to prove to the market they are fine) and the choppy waters that could occur in the meantime (we expect more commercial real estate related loan losses in the future).

Price vs Fair Value

FITB is trading at a 3% discount.
Price
$33.97
Fair Value
$91.00
Uncertainty
High
1-Star Price
$47.65
5-Star Price
$73.00
Economic Moat
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Capital Allocation
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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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News

Trading Information

Previous Close Price
$33.27
Day Range
$33.3233.98
52-Week Range
$22.1136.68
Bid/Ask
$33.71 / $34.00
Market Cap
$23.14 Bil
Volume/Avg
3.7 Mil / 5.8 Mil

Key Statistics

Price/Earnings (Normalized)
9.44
Price/Sales
2.71
Dividend Yield (Trailing)
4.00%
Dividend Yield (Forward)
4.00%
Total Yield
5.30%

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 centers 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
18,804

Competitors

Valuation

Metric
FITB
JPM
PNC
Price/Earnings (Normalized)
9.4411.0510.35
Price/Book Value
1.361.761.29
Price/Sales
2.713.482.72
Price/Cash Flow
4.647.817.46
Price/Earnings
FITB
JPM
PNC

Financial Strength

Metric
FITB
JPM
PNC
Quick Ratio
Current Ratio
Interest Coverage
Quick Ratio
No chart available

Profitability

Metric
FITB
JPM
PNC
Return on Assets (Normalized)
1.29%1.29%1.13%
Return on Equity (Normalized)
17.65%17.36%14.50%
Return on Invested Capital (Normalized)
Return on Assets
FITB
JPM
PNC
See how this stock stacks up to its competitors with Morningstar Investor

Banks - Regional Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
BNPQY
BNP Paribas ADRWydpr$69.2 Bil
USB
U.S. BancorpDyz$64.5 Bil
ITUB
Itau Unibanco Holding SA ADRPtwq$63.5 Bil
ISNPY
Intesa Sanpaolo ADRZdlf$58.5 Bil
PNC
PNC Financial Services Group IncBpzjpqj$58.1 Bil
MFG
Mizuho Financial Group Inc ADRVmdts$47.1 Bil
TFC
Truist Financial CorpXwvsdg$46.5 Bil
LYG
Lloyds Banking Group PLC ADRRmvjr$37.6 Bil
BBD
Bank Bradesco SA ADRLyxd$28.3 Bil
DB
Deutsche Bank AGNyzt$27.0 Bil

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