Fifth Third Bancorp (NASDAQ:FITB) reported better-than-expected earnings for its third quarter.
The company reported third-quarter 2023 sales of $2.16 billion, beating the consensus of $2.15 billion. The adjusted EPS came in at 92 cents, beating the analyst consensus of 82 cents.
The company reported an interest income increase of 44% Y/Y to $2.54 billion, with a net interest income (NII) of $1.45 billion (down 4% Y/Y).
Fifth Third Bancorp shares fell 5.5% to trade at $23.55 on Friday.
These analysts made changes to their price targets on Fifth Third Bancorp following earnings announcement.
- Morgan Stanley raised the price target on Fifth Third Bancorp from $28 to $29. Morgan Stanley analyst Manan Gosalia maintained an Equal-Weight rating.
- RBC Capital cut the price target on Fifth Third Bancorp from $34 to $30. RBC Capital analyst Gerard Cassidy maintained an Outperform rating on the stock.
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