Smith Group Asset Management LLC Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Smith Group Asset Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,000 shares of the financial services provider's stock, valued at approximately $423,000.

Several other large investors also recently modified their holdings of FITB. Boston Common Asset Management LLC raised its holdings in shares of 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 during the last quarter. QRG Capital Management Inc. increased its stake in Fifth Third Bancorp by 15.1% in the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider's stock worth $3,078,000 after buying an additional 9,444 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Fifth Third Bancorp by 13.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider's stock worth $19,776,000 after acquiring an additional 55,081 shares in the last quarter. Icon Wealth Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $541,000. Finally, Nordea Investment Management AB boosted its stake in Fifth Third Bancorp by 8.9% in the 4th quarter. Nordea Investment Management AB now owns 666,028 shares of the financial services provider's stock worth $28,286,000 after purchasing an additional 54,463 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FITB. DA Davidson lifted their target price 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. Piper Sandler reiterated an "overweight" rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Barclays upped their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. StockNews.com cut shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Finally, Evercore ISI upped their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $46.75.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded up $0.32 during midday trading on Thursday, hitting $44.49. 2,714,878 shares of the company's stock were exchanged, compared to its average volume of 5,221,784. The company's 50 day moving average price is $44.61 and its 200 day moving average price is $43.27. The firm has a market capitalization of $29.83 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.33%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 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.