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

Banque Pictet & Cie SA bought a new position in Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 12,000 shares of the financial services provider’s stock, valued at approximately $507,000.

Other hedge funds have also added to or reduced their stakes in the company. Retirement Wealth Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC lifted its position in shares of 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 during the period. Y.D. More Investments Ltd lifted its position in shares of 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 during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $36,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $39,000. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FITB. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. DA Davidson increased their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Up 1.1 %

NASDAQ:FITB opened at $44.06 on Friday. The firm has a market capitalization of $29.54 billion, a P/E ratio of 14.03, a PEG ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 1-year low of $33.03 and a 1-year high of $49.07. The company’s fifty day moving average price is $43.70 and its 200-day moving average price is $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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. Fifth Third Bancorp’s payout ratio is currently 47.13%.

About Fifth Third Bancorp

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.