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FITB

Fifth Third

$28.04

0.71 (2.60%)

06:40
10/22/19
10/22
06:40
10/22/19
06:40

Fifth Third sees Q4 NII down about 1% from Q3, NIM down 4-5bps

Sees FY19 NII up about 14% from FY18, with NIM up about 4% bps from FY18. Says remains on track to achieve MB expense savings by 1Q20 of about $255M pre-tax. Expects to achieve ~80% of run-rate savings by year-end. Sees Q4 noninterest expense flat to down slightly vs. Q3, sees FY19 noninterest expense up about 13% vs. FY18. Sees Q4 total loans and leases relatively stable vs. Q3, with FY19 total loans and leases up about 15%. Sees Q4 effective tax rate about 22%. Guidance taken from Q3 investor presentation slides.

  • 22

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  • 29

    Oct

FITB Fifth Third
$28.04

0.71 (2.60%)

07/12/19
SBSH
07/12/19
NO CHANGE
SBSH
Morgan Stanley upgrade, Wells downgrade among Citi's bank changes
Citi analyst Keith Horowitz made seven rating changes in the U.S. Banks space after updating his estimates and target prices for a new base case rate forecast that more closely reflects the forward curve. This includes two interest rate cuts in 2019 and 2020. The analyst's terminal yield curve assumptions to Fed Funds is 1.75%. The lower rate assumptions led him to lower his normal return on tangible equity estimates ~100 basis points on average. Following these changes, Horowitz upgraded Morgan Stanley (MS) to Buy from Neutral), downgraded Comerica (CMA), Northern Trust (NTRS), and M&T Bank (MTB) to Sell from Neutral, and downgraded Wells Fargo (WFC), Citizens Financial (CFG), and Fifth Third (FITB) to Neutral from Buy.
10/04/19
SPHN
10/04/19
NO CHANGE
Target $34
SPHN
Overweight
Fifth Third banker departures 'typical' following acquisition, says Stephens
Stephens analyst Terry McEvoy noted that Crain's Chicago Business reported that roughly 70 bankers have left Fifth Third since closing of its deal for MB Financial, but he calls these types of employee losses "typical with most bank acquisitions." The analyst, who noted that Fifth Third has said that the company has not experienced any material client attrition since the merger, continues to see Fifth Third shares as undervalued and keeps an Overweight rating on the stock with a $34 price target.
10/11/19
BOFA
10/11/19
UPGRADE
BOFA
Buy
Fifth Third upgraded to Buy from Neutral at BofA/Merrill
10/11/19
BOFA
10/11/19
UPGRADE
Target $30
BOFA
Buy
Fifth Third upgraded to Buy on discounted valuation at BofA/Merrill
As previously reported, BofA/Merrill analyst Erika Najarian upgraded Fifth Third to Buy from Neutral with a $30 price target. Najarian said Fifth Third shares are trading at an "inexplicable discount" and suggests that its revenues are sensitive to declining rates, which is not the case. Further, the company will benefit from revenue and expense synergies from the MB acquisition and organic middle market expansion, the analyst wrote in a note to investors.

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