Banque Pictet & Cie SA Purchases New Shares in Fifth Third Bancorp (NASDAQ:FITB)

Banque Pictet & Cie SA purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 12,000 shares of the financial services provider’s stock, valued at approximately $507,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Boston Common Asset Management LLC lifted its holdings in Fifth Third Bancorp by 12.4% during the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after purchasing an additional 34,203 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Fifth Third Bancorp by 15.1% during the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $9,878,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock valued at $19,776,000 after purchasing an additional 55,081 shares in the last quarter. Finally, Smith Group Asset Management LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $423,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the topic of several recent analyst reports. DA Davidson increased their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Barclays raised their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Piper Sandler reissued an “overweight” rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Truist Financial raised their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.06 on Friday. Fifth Third Bancorp has a 1-year low of $33.03 and a 1-year high of $49.07. The stock has a market cap of $29.54 billion, a PE ratio of 14.03, a P/E/G ratio of 1.44 and a beta of 1.23. The firm has a 50-day simple moving average of $43.70 and a two-hundred day simple moving average of $43.50. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.