Fifth Third initiated with a Buy at Truist

Truist analyst Brian Foran initiated coverage of Fifth Third (FITB) with a Buy rating and $51 price target The regional bank has been able to command a premium multiple on a highteens-20% average return on tangible common equity that the analyst calls “one of the highest in our coverage,” which the firm attributes to its ability to organically gather deposits in fast-growing regions and “differentiated commercial fee income engine.”