Sterne Agee Reiterates Buy on Fifth Third Bancorp

Sterne Agee is out with its report today on Fifth Third Bancorp (NASDAQ: FITB), reiterating Buy.

In its report, Sterne Agee writes, "Although FITB's reserve release remains sizable and mortgage banking revenues will normalize, the company posted its best quarterly operating results since mid 2006—1.3% ROA and 15% ROTCE—and continues to guide to a minimum 1.2% ROA in 4Q11."

Sterne Agee maintains a $13 PT on FITB.

Shares of FITB closed Thursday at $11.63, up 9.10% from Wednesday's close.