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

J. Safra Sarasin Holding AG acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,023 shares of the financial services provider’s stock, valued at approximately $330,000.

Other large investors also recently made changes to their positions in the company. Allianz Asset Management GmbH increased its position in shares of Fifth Third Bancorp by 5.8% in the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock worth $11,450,000 after acquiring an additional 16,000 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Fifth Third Bancorp by 1.6% in the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after acquiring an additional 12,905 shares in the last quarter. Heartland Bank & Trust Co acquired a new stake in shares of Fifth Third Bancorp in the first quarter worth $1,011,000. U.S. Capital Wealth Advisors LLC increased its position in shares of Fifth Third Bancorp by 49.5% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 15,692 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in Fifth Third Bancorp by 1,448.6% during the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock valued at $3,845,000 after purchasing an additional 91,754 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FITB. Robert W. Baird raised their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Piper Sandler raised their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, September 10th. Wolfe Research raised their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $56.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Trading Up 0.4%

NASDAQ FITB opened at $44.41 on Friday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a 50-day simple moving average of $44.10 and a 200-day simple moving average of $40.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $29.39 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.6%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 49.69%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Fifth Third Bancorp Company 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.