J. Safra Sarasin Holding AG Invests $330,000 in Fifth Third Bancorp $FITB

Key Points

• J. Safra Sarasin Holding AG has invested approximately $330,000 to acquire 8,023 shares of Fifth Third Bancorp ($FITB) during the second quarter.
• Fifth Third Bancorp recently announced an increase in its quarterly dividend from $0.37 to $0.40 per share, resulting in an annualized yield of 3.6%.
• Analyst ratings for Fifth Third Bancorp are generally positive, with the average price target set at $49.47 and a consensus rating of "Moderate Buy."

J. Safra Sarasin Holding AG purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,023 shares of the financial services provider's stock, valued at approximately $330,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. HWG Holdings LP acquired a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Banque Transatlantique SA acquired a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after buying an additional 357 shares during the period. Grove Bank & Trust grew its position in Fifth Third Bancorp by 60.7% during the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock worth $35,000 after buying an additional 335 shares during the period. Finally, Citizens National Bank Trust Department acquired a new position in Fifth Third Bancorp during the first quarter worth about $39,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FITB shares. Evercore ISI upped their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an "in-line" rating in a research report on Tuesday, September 30th. Citigroup upped their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an "underperform" rating in a research report on Monday, September 29th. DA Davidson raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and upped their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Finally, Truist Financial upped their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average price target of $49.47.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $44.41 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company has a market cap of $29.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.42 and a beta of 0.95. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The firm's 50 day moving average is $44.10 and its two-hundred day moving average is $40.61.

Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Fifth Third Bancorp's payout ratio is 49.69%.

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.

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