Banque Pictet & Cie SA Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

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

Several other large investors have also added to or reduced their stakes in the stock. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth about $25,000. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock worth $29,000 after purchasing an additional 316 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock worth $35,000 after purchasing an additional 449 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $36,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $39,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.11 during mid-day trading on Wednesday, reaching $44.35. 2,935,225 shares of the company traded hands, compared to its average volume of 4,628,612. Fifth Third Bancorp has a 52 week low of $33.03 and a 52 week high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $29.74 billion, a PE ratio of 14.12, a PEG ratio of 1.43 and a beta of 1.23. The company's 50 day moving average price is $43.62 and its 200-day moving average price is $43.58.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp's payout ratio is 47.13%.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. StockNews.com lowered Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Truist Financial boosted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, January 22nd. Piper Sandler reissued an "overweight" rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $46.75.

Fifth Third Bancorp Company 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.