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Timothy Spence, Chair, CEO, and President of Fifth Third Bancorp (NASDAQ:FITB), a $29.8 billion market cap bank trading at a P/E of 14x, recently executed a series of stock transactions, according to a Form 4 filing. InvestingPro analysis suggests the stock is currently undervalued. On February 18, Spence sold 7,868 shares of common stock at an average price of $44.10, amounting to a total of $346,978. This transaction follows a series of other stock activities, including an acquisition of 28,070 shares at $26.52 per share and multiple transactions involving shares withheld for taxes at prices around $44.06. Following these transactions, Spence’s direct ownership stands at 361,931 shares. The company boasts a strong dividend track record, having maintained payments for 50 consecutive years with a current yield of 3.4%. InvestingPro subscribers can access 12 additional key insights about Fifth Third Bancorp, including detailed valuation metrics and financial health scores.
In other recent news, Fifth Third Bancorp has been in the spotlight with several noteworthy developments. The company’s fourth-quarter earnings surpassed analyst expectations, reporting an adjusted earning per share of $0.90, beating the consensus estimate of $0.88. Despite revenues slightly missing the mark at $2.18 billion against an expected $2.21 billion, the bank’s net interest income saw a modest increase, aligning with expectations due to an expansion in the net interest margin to 2.97%.
Piper Sandler revised its price target for Fifth Third Bancorp from $54.00 to $53.00, maintaining an Overweight rating. The adjustment was prompted by the bank’s Q4 results and an updated forecast, leading the analyst to revise earnings per share estimates for the coming years. Meanwhile, Truist Securities raised its price target on Fifth Third Bancorp to $52, up from the previous target of $51, reiterating a Buy rating based on the bank’s future earnings and growth potential.
These recent developments highlight the bank’s strong performance and the confidence of analysts in its growth trajectory. Fifth Third Bancorp’s loan growth was particularly noteworthy, surpassing expectations with a significant increase of 3.7% compared to the same quarter last year. Both Piper Sandler and Truist Securities have reaffirmed their positive outlook on Fifth Third Bancorp’s stock, underpinned by solid quarterly results and favorable revisions to future earnings estimates.
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