Keefe, Bruyette & Woods Upgrades Fifth Third Bancorp (FITB) to Outperform; Free Call Option on a Higher Dividend

Keefe, Bruyette & Woods upgraded Fifth Third Bancorp (NASDAQ: FITB) to Outperform. PT $16.

KBW analyst says, "We are upgrading FITB due to its compelling valuation at 8.4x 2013E EPS, a 14% discount to peers. We also believe there is potential for a dividend increase following the Fed's capital test given FITB's strong balance sheet. This potential dividend action is not embedded in market expectations in our view, and as a result, the stock provides a good risk/reward opportunity."

For more ratings news on Fifth Third Bancorp click here and for the rating history of Fifth Third Bancorp click here.

Shares of Fifth Third Bancorp closed at $13.81 yesterday.

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