Fifth Third Bancorp is a bank based out of Cincinnati, Ohio. It is among the largest banks in the US and a part of the Fortune 500 list. Fifth Third Bancorp has a strong presence in the Midwest. The bank has strong financial metrics like a high CET1 ratio, stable net interest margins, and resilient fee income. Additionally, its loan losses haven’t been as bad as expected. The bank is, therefore, expected to perform well in the current low-interest environment. If interest rates begin to rise, then that would be another positive for banks. There is plenty of speculation that rising inflation will perhaps compel the Fed to relook at its current economic policy. If any changes to interest rates do take place, then companies like Fifth Third Bancorp will become the best bank stocks to buy right now.
More About Fifth Third Bancorp
Fifth Third Bancorp traces its origins back to 1858, when the Bank of Ohio Valley opened in Cincinnati. Then in 1871, another bank by the name of Third National Bank came into the possession of the Bank of Ohio Valley. With steady growth, the Bank of Ohio Valley became the largest bank by capital in the state of Ohio. In 1908, there was a further merger of the Third National Bank and the Fifth National Bank. Thus, the name Fifth Third Bancorp. Today, Fifth Third Bancorp is ranked 384 on the Fortune 500 list. It is among the top bank stock to buy today. The brand of the bank is quite strong in the Midwest. Fifth Third owns naming rights to a baseball stadium in Toledo, one of the indoor arenas of the University of Cincinnati, and plenty of other sports venues throughout the Midwest.
Fifth Third Bancorp’s stock had risen significantly from a low of $12 when the pandemic broke out in early 2020 to $40 in June 2021. The stock was trading at a 2.66% dividend yield on 11th June 2021. It has been one of the best performing financial stocks in recent months.