Raymond James analyst David J. Long cited “steady long-term loan growth” as he launched coverage of Fifth Third Bancorp with a market perform rating on...
Raymond James analyst David J. Long cited “steady long-term loan growth” as he launched coverage of Fifth Third Bancorp FITB, +1.65% with a market perform rating on Thursday. While the bank’s footprint in the Southeastern U.S.
is enhancing its loan growth, Fifth Third also faces “near-term and deposit growth headwinds” from higher interest rates and an uncertain macroeconomic outlook, Long said. Given that the company faces net interest margin contraction for the next 18 months, its shares are now “appropriately valued” at a price-to-earnings ratio in line with its peers, Long said. Fifth Third Bancorp stock was up 0.8% on Thursday morning. The stock is now down 21.9% so far in 2023, compared to a 15.
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