Fifth Third Closes Comerica Deal With No Tangible Book Value Dilution

Benzinga_recent_news04-20

The highlight of the quarter was not the company's earnings, rather the closure of the Comerica acquisition without any "tangible book value dilution," according to RBC Capital Markets analyst Gerard ...

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Analyst estimates core earnings, excluding one-off items, to be higher than expected.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","BK4207":"综合性银行","CMA":"联信银行","BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4589":"SVB概念"},"translate_title":"Fifth Third完成Comerica交易，没有有形账面价值稀释","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CMA":1.5},"content_text":"The highlight of the quarter was not the company's earnings, rather the closure of the Comerica acquisition without any \"tangible book value dilution,\" according to RBC Capital Markets analyst Gerard Cassidy.\nThe Fifth Third Bancorp Analyst: Cassidy maintained an Outperform rating and price target of $57.\nThe Fifth Third Bancorp Thesis: The company's earnings, at 15 cents per share, were adversely impacted by 68 cents per share of non-core items – merger-related charges of $510 million and merger-related Day 1 ACL build of $63 million, Cassidy said in the note.\nCheck out other analyst stock ratings.\nExcluding the non-core items, Fifth Third Bancorp's core earnings would have been 83 cents per share. The consensus came in at 82 cents per share. Higher-than-expected net interest income and non-interest income drove the outperformance, Cassidy added.\nThe highlight of the quarter was that the company closed the \"largest acquisition in its history,\" while simultaneously growing TBV (tangible book value) by 1.2% sequentially and 15% year-over-year to $22.88 per share, the analyst stated. The acquisition added $86 billion in assets, which instantly took Fifth Third Bancorp's total assets past $300 billion, he further added.\nCassidy also expects FITB’s acquisition of CMA (Comerica) to deliver on the goals set for the deal.\nManagement stated that Fifth Third remains on track to convert all systems during the Labor Day weekend. The move should yield net cost savings of $360 million in 2026.\nManagement raised their 2026 net interest income guidance to $8.7-$8.8 billion, from their previous projection of $8.6-$8.8 billion.\nFITB Price Action: Shares of Fifth Third had risen by 1.26% to $50.98 at the time of publication on Monday.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2628722806","isCrawlerRequest":true}