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Saturday, September 30, 2023

Fifth Third Bancorp (NASDAQ:FITB) is Gaining Momentum on Earnings Catalyst

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Fifth Third Bancorp (FITB) shares are trading at higher $26.83 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $26.82.

To add more color to this target, the company’s high over the last year is $31.64 and the low is $11.10. Over the last 52 weeks, FITB is down -9.57% while the S&P 500 is up 17.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, FITB reported a profit of $1.17 billion. Fifth Third Bancorp also saw revenues increase to $1.33 billion. In addition, FITB has free cash flow of $1.72 billion as of 09-2020.

FITB booked profit margins of 24.90%, its Return on Equity (ROE) is 7.10%, and its Return on Assets is 0.80%. All told, it is clear that, FITB needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. FITB has a short ratio of 1.66 and outstanding shares of 715.10M.

Company Outlook

FITB has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 5.74 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 2.00. Investors should also keep an eye on sector updates as FITB has historically followed its peers on positive news.

All told, Fifth Third Bancorp FITB has strung together solid data and demonstrated underlying fundamentals. At its current valuation, FITB represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Fifth Third Bancorp FITB is now commanding a market cap of 19.41B and a float of 710.15M. FITB is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of FITB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in FITB, either long or short, and we have not been compensated for this article.

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