: KBW upgrades Fifth Third Bancorp to outperform and cuts PNC Financial to underperform in bank ratings shuffle
KBW shuffled ratings on five banks ahead of first-quarter earnings reports from financial companies that begin on Friday, April 14. PNC Financial Services Group Inc. stock PNC fell 0.9% in premarket trades after KBW downgraded the stock to underperform from market perform and cut its price target to $125 a share from $157 a share. Fifth Third Bancorp’s stock FITB is up 1.6% after KBW upgraded the stock to outperform from market perform but trimmed its price target to $34 a share from $38. Huntington Bancshares’ HBAN stock rose fractionally after KBW lifted its rating on the stock to market perform from underperform. KBW upgraded Popular Inc. BPOP to outperform from market perform and also hiked its view of Columbia Banking System Inc. COLB to outperform from market perform. Columbia Banking System stock is up 2.2% while Popular Inc. stock is rising by 1.1%.
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