Shares of Fifth Third Bancorp (NASDAQ:FITB) continued to rise in early trading on Monday, after the company reported its first-quarter results on Friday.
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.
The Fifth Third Bancorp Analyst: Cassidy maintained an Outperform rating and price target of $57.
The 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.
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Excluding the non-core items, Fifth Third Bancorp’s …