Shares of Fifth-Third Bancorp (NYSE: FITB) have fallen by another 1.5%, after closing down 5% on Thursday when a Citigroup (NYSE: C) analyst downgraded the regional bank’s outlook, citing that the stock has almost met Citi’s target price.
Citi analyst Keith Horowitz said hat Fifth-Third Bancorp’s stock recently had a strong performance, growing more than 30% since the beginning of the year as the bank built up capital reserves, and divested themselves from high-risk businesses such as broker home equity.
In his report, Horowitz wrote, “We believe at current prices, risk and rewards are now relatively balance.”
Fifth-Third Bancorp’s stock declined 5% on Friday, closing at $12.73. Fifth-Third’s stock opened at $12.56 and remains down about 1.5% in mid-day trading.
Fifth-Third’s stock recently hit a 52 week high of $12.87
