Fifth Third Bancorp $FITB Stock: Pictet Asset Management Holding SA Increases Holdings

Pictet Asset Management Holding SA grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 508,002 shares of the financial services provider’s stock after purchasing an additional 27,695 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Fifth Third Bancorp were worth $25,695,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Waycross Partners LLC raised its holdings in Fifth Third Bancorp by 349.3% in the 3rd quarter. Waycross Partners LLC now owns 38,439 shares of the financial services provider’s stock worth $1,944,000 after acquiring an additional 29,883 shares during the period. International Assets Investment Management LLC lifted its position in Fifth Third Bancorp by 3.5% during the 3rd quarter. International Assets Investment Management LLC now owns 8,828 shares of the financial services provider’s stock worth $445,000 after acquiring an additional 296 shares during the last quarter. Alta Advisers Ltd bought a new stake in Fifth Third Bancorp during the third quarter valued at about $288,000. Kestra Advisory Services LLC boosted its holdings in Fifth Third Bancorp by 7.9% during the third quarter. Kestra Advisory Services LLC now owns 214,688 shares of the financial services provider’s stock valued at $10,859,000 after acquiring an additional 15,643 shares during the period. Finally, REAP Financial Group LLC boosted its holdings in Fifth Third Bancorp by 8.7% during the third quarter. REAP Financial Group LLC now owns 3,728 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 297 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $54.41 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $49.16 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. The firm has a fifty day moving average price of $52.69 and a two-hundred day moving average price of $52.19. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 EPS. Analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 57.53%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent analyst reports. TD Cowen started coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They issued a “buy” rating and a $60.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Jefferies Financial Group lowered their target price on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Stephens lowered their target price on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. Finally, Citigroup lifted their price target on Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.87.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares in the company, valued at $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.51% of the stock is currently owned by company insiders.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.