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In the midst of a bullish trading session on Monday, Fifth Third Bancorp (NASDAQ:) experienced a 1.73% increase in its share price to $24.69, snapping a two-day losing streak. This rise was noted during a day when major indices such as the S&P 500 and Dow Jones also climbed over 1%.
The bank’s share price, while on an upward trend, still lags $13.37 behind its one-year high, which was recorded in February 2023. The increase in Fifth Third Bancorp’s share price outpaced those of competitors like Bank of America (NYSE:BAC), which rose by 0.86%, and even more notably surpassed JPMorgan (NYSE:JPM), which saw a slight dip of 0.10%. Wells Fargo (NYSE:WFC), however, experienced a surge close to Fifth Third Bancorp’s with a rise of 1.68%.
While the bank’s performance was positive, it’s worth noting that the trading volume for Fifth Third Bancorp was lower than usual. With only 4.8 million shares traded, this figure remains below the company’s average 50-day trading volume. The bank managed to break its recent losing streak and outperform some of its major competitors on Monday, despite this lessened activity.
InvestingPro data reveals that Fifth Third Bancorp has a market cap of $16810.0M USD, with a P/E ratio of 6.96, indicating that the company is trading at a low earnings multiple. This aligns with one of the InvestingPro Tips, which suggests that the company is indeed trading at a low earnings multiple. The bank’s revenue growth has been accelerating, with a quarterly growth of 9.25% in FY2023.Q2.
The bank also boasts a high shareholder yield, with a dividend yield of 5.77% as of 2023. This is consistent with another InvestingPro Tip that highlights the bank’s history of maintaining dividend payments for 49 consecutive years.
In addition, 10 analysts have revised their earnings upwards for the upcoming period, predicting that the company will be profitable this year. The bank has indeed been profitable over the last twelve months, with an operating income of $3263M USD in LTM2023.Q2.
For more insights like these, you can check out InvestingPro’s product that offers additional tips. Currently, there are 11 more tips listed on InvestingPro for Fifth Third Bancorp. To learn more, visit InvestingPro.
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