This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

10 Banks That Still Owe TARP

3. Fifth Third Bancorp

Company Profile

Shares of Fifth Third Bancorp (FITB - Get Report) of Cincinnati, Ohio closed at $11.90 Wednesday, 24% year-to-date. The company owes $3.4 billion in TARP money.

Income Statement

The company reported second net income to common stockholders of $130 million or 16 cents a share, compared a net loss to common stockholders of $72 million or nine cents a share in the first quarter and net income to common stockholders of $856 million or $1.15 a share in the second quarter of 2009, when Fifth Third recorded a $1.8 billion gain on the sale of its financial institutions processing business.

A major factor in the company's second-quarter profit was release in reserves brought about by an improvement in asset quality. Fifth Third's second quarter loan loss provision was $325 million while its net loan charge-offs were $433 million, for a release of $108 million in reserves, however, the company's loan loss reserves were left covering a high 4.71% of total loans.

Balance Sheet

Total assets were $112 billion as of June 30. The nonperforming assets ratio was 3.14%, declining from 3.38% a year earlier. The second-quarter net charge-off ratio was 2.21%.

As of June 30, Fifth Third's Tier 1 leverage ratio was 12.24%, its total risk-based capital ratio was 18.00% and its tangible common equity ratio was 7.79%.

Stock Ratios

Fifth Third's shares trade for 1.3 times tangible book value according to SNL Financial, and 12.1 times the consensus 2011 earnings estimate of 98 cents a share. The forward P/E would drop to 8.5 based on the 2012 consensus estimate of $1.41 in earnings per share among analysts polled by Thomson Reuters.

Analyst Ratings

Among the 21 analysts covering Fifth Third, four have buy ratings, 14 recommend holding the shares and three recommend investors sell the shares.

8 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
ZION $29.02 -0.24%
FITB $20.51 0.22%
FHN $14.73 -0.20%
HBAN $11.26 -0.71%
KEY $14.90 -0.13%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs