Swiss Life Asset Management Ltd Buys 43,487 Shares of Fifth Third Bancorp $FITB

Key Points

• Swiss Life Asset Management boosted its stake in Fifth Third Bancorp by 112.3%, adding 43,487 shares to hold 82,210 shares valued at $3.662 million at quarter-end.
• Fifth Third declared a quarterly dividend of $0.40 (annualized $1.60) with a yield of about 3.6%; the ex-dividend and record date are March 31 and the payment is scheduled for April 15.
• Analyst sentiment is positive: 17 analysts rate FITB a Buy and 3 a Hold, with an average price target of $56.99; the stock has a market cap of about $40 billion and a P/E of 12.48.

Swiss Life Asset Management Ltd grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 112.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,210 shares of the financial services provider's stock after acquiring an additional 43,487 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Fifth Third Bancorp were worth $3,662,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FITB. Westside Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after buying an additional 292 shares during the last quarter. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $26,000. United Community Bank raised its stake in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after acquiring an additional 581 shares in the last quarter. Guerra Advisors Inc bought a new position in shares of Fifth Third Bancorp during the 3rd quarter worth approximately $51,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Fifth Third Bancorp during the second quarter valued at approximately $48,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 1.2%

NASDAQ FITB opened at $44.19 on Monday. The company has a fifty day simple moving average of $49.92 and a two-hundred day simple moving average of $46.54. The stock has a market cap of $40.02 billion, a P/E ratio of 12.48, a P/E/G ratio of 0.88 and a beta of 0.96. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. Fifth Third Bancorp's dividend payout ratio (DPR) is 45.20%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wolfe Research lifted their price target on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, January 21st. Robert W. Baird increased their price objective on Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. Citigroup raised their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. DA Davidson boosted their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, January 26th. Finally, Piper Sandler upped their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an "overweight" rating in a research report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $56.99.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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