Fifth Third Bancorp is Tuesday's IBD Stock Of The Day, as the banking stock broke out above a buy point amid the recent sector rally. FITB shares angled higher Tuesday.
The Cincinnati, Ohio-based bank climbed as segments of the banking sector rallied against a sluggish market. Superregional banks and West/Southwest regional banks were two of IBD's five top-performing industries on Tuesday. PNC Financial rallied more than 5% for the week on Tuesday.
Huntington Bancshares broke out with a 4% gain. Morgan Stanley popped nearly 5% Monday and Tuesday, retaking its 50-day moving average for the first time since January.
KeyCorp rallied 5.2% Monday and Tuesday, also edging near a buy point.
Meanwhile, BlackRock was the IBD Stock Of The Day on Monday.
IBD added Fifth Third to its IBD Leaderboard portfolio on Tuesday.
Fifth Third Financials
Fifth Third operates in three segments: commercial banking, consumer and small business banking as well as wealth and asset management. The company reported mixed fourth-quarter earnings on Jan. 19, beating revenue expectations but missing on earnings, as EPS tumbled 29%. Wall Street predicts earnings of $3.19 per share in 2024, down 1% vs. 2023, with sales hitting $8.64 billion, also down 1% compared to last year.
Looking further out, analysts forecast around 10% earnings growth in 2025 with revenue hitting $9 billion.
FITB shares closed out 2023 by gaining more than 40% in the final two months of the year. The stock dipped less than 1% in January before booking another monthly advance in February.
Fifth Third Bancorp Stock Performance
FITB shares jumped 2.5% to 36.35 in below average volume during Tuesday's stock market action. So far in February, Fifth Third Bancorp has advanced around 5.8%, on pace for a second consecutive monthly gain.
FITB is breaking out above an official 35.73 buy point from a flat base on a weekly chart, according to MarketSurge. The stock had been attempting to top resistance just above 35 since late December.
Fifth Third soared out of a double-bottom base in late November 2023, rising 25% before leveling off.
Fifth Third Bancorp has an 82 Composite Rating out of 99, an 86 Relative Strength Rating and a 67 EPS Rating.
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