Smith Group Asset Management LLC Acquires Shares of 10,000 Fifth Third Bancorp (NASDAQ:FITB)

Smith Group Asset Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the financial services provider’s stock, valued at approximately $423,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Boston Common Asset Management LLC grew its position in shares of Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after acquiring an additional 34,203 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after purchasing an additional 9,444 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Fifth Third Bancorp by 13.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock valued at $19,776,000 after purchasing an additional 55,081 shares during the last quarter. Icon Wealth Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the third quarter worth $541,000. Finally, Nordea Investment Management AB lifted its position in shares of 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 buying an additional 54,463 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $44.17 on Thursday. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82. The company’s 50-day moving average price is $44.65 and its two-hundred day moving average price is $43.27. The stock has a market cap of $29.62 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.35%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. DA Davidson raised their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Royal Bank of Canada restated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.75.

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.