Pictet Asset Management Holding SA Grows Position in Fifth Third Bancorp $FITB

Pictet Asset Management Holding SA boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 27.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 368,240 shares of the financial services provider’s stock after buying an additional 80,100 shares during the period. Pictet Asset Management Holding SA’s holdings in Fifth Third Bancorp were worth $17,108,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC grew its position in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at $29,000. Leonteq Securities AG purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at $30,000. Reflection Asset Management acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $30,000. Finally, EFG International AG acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $57.15 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a 50 day simple moving average of $51.42 and a 200-day simple moving average of $49.89. The company has a market cap of $51.80 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.15.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the business earned $0.71 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FITB. Piper Sandler restated an “overweight” rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a research report on Monday, May 4th. DA Davidson reaffirmed a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Finally, Jefferies Financial Group increased their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.94.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.