Fifth Third Reports Loan Growth Acceleration in Fourth Quarter; Raising Our FVE to $31
No-moat rated Fifth Third Bancorp reported a reasonable fourth quarter that was generally in line with our expectations. Diluted earnings per share was $3.06, up 6% from last year, and the return on average assets and return on average tangible equity were 1.5% and 16.4%, respectively. We think that this year's results are above normalized levels for two major reasons. First, we anticipate deposit costs increasing, which will weigh on net interest income in the medium term. Second, items related...Fifth Third Bancorp is a bank holding company. Through its subsidiaries, the company provides financial products and services to the commercial, financial, retail, governmental, educational, energy and healthcare sectors. The company's segments are: Commercial Banking, which provides credit intermediation, cash management and financial services; Branch Banking, which provides a range of deposit and loan products to individuals and small businesses; Consumer Lending, which includes the company's residential mortgage, automobile and other indirect lending activities; and Wealth and Asset Management, which provides a range of investment alternatives for individuals, companies and not-for-profit organizations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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