Pictet Asset Management Ltd. lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 8.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 439,916 shares of the financial services provider’s stock after selling 38,100 shares during the period. Pictet Asset Management Ltd. owned approximately 0.07% of Fifth Third Bancorp worth $12,282,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of FITB. BlackRock Inc. increased its position in shares of Fifth Third Bancorp by 5.9% in the second quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock worth $1,390,661,000 after purchasing an additional 2,718,504 shares during the period. Janus Henderson Group PLC boosted its stake in Fifth Third Bancorp by 119.9% in the second quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after buying an additional 2,658,672 shares in the last quarter. Schroder Investment Management Group boosted its stake in Fifth Third Bancorp by 106.3% in the second quarter. Schroder Investment Management Group now owns 4,166,562 shares of the financial services provider’s stock valued at $119,747,000 after buying an additional 2,146,656 shares in the last quarter. Millennium Management LLC boosted its stake in Fifth Third Bancorp by 658.6% in the second quarter. Millennium Management LLC now owns 1,622,956 shares of the financial services provider’s stock valued at $46,579,000 after buying an additional 1,409,021 shares in the last quarter. Finally, Standard Life Aberdeen plc boosted its stake in Fifth Third Bancorp by 119.4% in the second quarter. Standard Life Aberdeen plc now owns 1,543,517 shares of the financial services provider’s stock valued at $44,307,000 after buying an additional 840,003 shares in the last quarter. Institutional investors own 82.15% of the company’s stock.

Several analysts recently weighed in on the company. BMO Capital Markets reduced their price objective on Fifth Third Bancorp from $32.00 to $30.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 24th. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Wedbush set a $34.00 price objective on Fifth Third Bancorp and gave the company a “buy” rating in a research note on Thursday, September 20th. Piper Jaffray Companies set a $31.00 price objective on Fifth Third Bancorp and gave the company a “hold” rating in a research note on Monday, October 29th. Finally, Nomura raised Fifth Third Bancorp from a “reduce” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $29.00 in a research note on Wednesday, October 24th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $32.73.

Shares of FITB stock opened at $25.96 on Friday. Fifth Third Bancorp has a 12 month low of $24.10 and a 12 month high of $34.67. The stock has a market cap of $17.10 billion, a PE ratio of 9.69, a PEG ratio of 1.46 and a beta of 1.17. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.00.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.01. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm posted $1.35 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 2.49 EPS for the current year.

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About Fifth Third Bancorp

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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